Cardano Price Analysis: ADA Faces Rejection At The $0.90

Last Updated July 23rd 2021
2 Min Read

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.

ada/usd daily chart 021721

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.

ada/usd volume chart 021721

Image: IntoTheBlock

There are three positive signals when you check the 4-hour Cardano price chart:

  1. The parabolic SAR has flipped from bearish to bullish.
  2. MACD shows that the bearish momentum is steadily decreasing.
  3. ADA/USD has reversed the 20-bar SMA from resistance to support.

ada/usd 4-hour chart 021721

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.

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