Cardano Price Analysis: ADA Flips 20-day SMA From Support To Resistance
Daily Cardano ADA Price Forecast
- Cardano price dropped from $1.38 to $1.09 over five days.
- The MACD shows sustained bearish market momentum.
On March 18, the Cardano price reached an intraday high of $1.50. Following that, the bears took control of the market and took ADA down to $1.09 over the next five days. Let’s take a closer look with technical analysis.
Cardano Price Drops By $0.30 Over Five Days
Looking at the daily Cardano price chart, there are three very negative bearish indicators:
- The MACD shows increasing bearish momentum.
- The parabolic SAR has been reversed from bullish to bearish.
- The 20-day SMA has flipped from support to resistance.
Image: ADA/USD daily
On the downside, a healthy support wall lies at $1.08, wherein 1.25 billion ADA tokens had been purchased by 70,000 addresses. If this level doesn’t hold, it will drop below $1.
Cardano To Benefit Millions Of Africans
Charles Hoskinson, the CEO of IOHK (the firm behind Cardano), commented on the company’s work in Africa. In a recent YouTube video, Hoskinson said that Cardano is working with various African governments to develop digital entities. These entities aim to allow millions of people to benefit from the blockchain platform.
Hoskinson noted that this move would help millions of Africans who have had no prior access to digital services. The firm plans to create digital identities, which can be linked to rich metadata, digital wallets and payment systems.
The CEO estimated the new market in Africa to total around $5 trillion. Hoskinson doesn’t believe that Africa is a poor continent. According to him, it’s the lack of proper resource utilization that has stunted its growth.
Hoskinson compared Africa’s current economic status to China. He noted a few decades ago, many people on Wall Street thought of China as a poor nation. Once China enforced measures to facilitate wealth utilization, the country’s economy achieved steady growth for decades.
Cardano Price Is Expected To Reach These Levels
The Cardano price may bounce up from the $1.08 support line and jump up.