Cardano Price Analysis: ADA Faces Rejection At The $0.90
Daily Cardano ADA Price Forecast
- Cardano price bounces up from the $0.85 support barrier.
- ADA has flipped the parabolic SAR from bearish to bullish.
Cardano price faced stiff rejection at the $0.92 resistance barrier on February 10, and then dropped to $0.842 over the next four days. However, the $0.85 support line has proven robust enough for ADA to bounce up.
Cardano Price Is Still Overvalued
Over the last two days, the Cardano price has jumped from $0.84 to $0.87. Prior to this bullish rally, the relative strength index (RSI) had dipped from 89.27 to 61.12. As of writing, the RSI is trending horizontally along the overbought zone.
Image: ADA/USD daily
As of now, Cardano price has a major resistance barrier at $0.92. Previously, at this level 26,500 addresses had purchased 1.2 billion ADA tokens. If the buyers overcome this, ADA will easily reach $1.
There are three positive signals when you check the 4-hour Cardano price chart:
- The parabolic SAR has flipped from bearish to bullish.
- MACD shows that the bearish momentum is steadily decreasing.
- ADA/USD has reversed the 20-bar SMA from resistance to support.
Image: ADA/USD 4-hour
Cardano Price Is Expected To Reach These Levels
Cardano price will ride this present bullish rally and reach the $0.92 resistance barrier. If ADA breaks above this, it will reach $1.