Cardano Price Analysis: ADA Faces Hard Rejection At $0.45
Daily Cardano ADA Price Forecast
- Cardano price had previously bounced up from the 20-day SMA.
- The RSI is trending at the edge of the overbought zone.
Over the last six days, the Cardano price has jumped from $0.31 to $0.42, gaining more than $0.1 in its overall valuation. Let’s take a closer look with technical analysis.
Cardano Price Momentum Stopped By $0.45
During Monday and Tuesday, the Cardano price has jumped from $0.34 to $0.424, bouncing up from the 20-day SMA. During this upward surge, the parabolic SAR reversed from bearish to bullish, which shows that the overall market sentiment is positive.
Image: ADA/USD daily
However, the relative strength index is hovering at the edge of the overbought zone, so a further increase in Cardano price may lead to more correction. As per IntoTheBlock’s IOMAP, ADA may drop to the $0.375 support wall. Previously at this level, 26,500 addresses had purchased 1 billion ADA tokens. This wall should be robust enough to absorb a lot of selling pressure.
The 4-hour Cardano price chart also shows decreasing bullish momentum in the MACD indicator, so we can definitely expect a correction.
Image: ADA/USD 4-hour
Cardano Network Getting Stronger
Over the last 24 hours, the number of daily active addresses in Cardano has risen from 19,600 to 32,220. This is a positive Cardano price indicator since it shows that the network is getting stronger.
Cardano Price Is Expected To Reach These Levels
Cardano price is consolidating below $0.45, and we don’t see ADA break past this zone any time soon.