Cardano Price Analysis: ADA Falls After Teasing $1.55 Surge

Daily Cardano ADA Price Forecast

1 Min Read
Last Updated July 23rd 2021
  • Prior to Wednesday, Cardano price had four straight bullish sessions.
  • Cardano’s nearest healthy support is at $1.36.
  • Prior to this Wednesday, the Cardano price jumped from $1.20 to $1.40, gaining almost $0.20 in four days. Following that, the buyers faced rejection around the $1.50 psychological level before it faced a slight correction.

    Cardano Price Sits On Robust Support At $1.36

    Cardano price faced a slight correction and is currently priced at $1.38. The MACD shows increasing bullish market momentum, while the relative strength index (RSI) is creeping along the edge of the overbought zone. It seemed like the ADA may drop a little more to take RSI into the neutral zone.

    Image: ADA/USD daily

    Looking at the IOMAP, we can see that Cardano price has a robust support line at $1.36. Previously, at this level, 56,600 addresses had purchased 1.82 billion ADA tokens.

    Image: IntoTheBlock

    Cardano Price Is Expected To Reach These Levels

    The Cardano price may drop to the $1.36 support wall before it bounced up and retests the $1.50 psychological level once again.

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