- Cardano price faces major resistance at $1.60
- ADA has immediate resistance at 20-day and 50-day SMAs.
Between June 4 and June 11, the Cardano price crashed from $1.85 to $1.43 and flipped the 20-day and 50-day SMAs from support to resistance. Prior to this crash, ADA jumped up from $1.43 to $1.84 between May 30 to June 3.
Cardano Price Goes Up After Flashing Buy Signal
The Cardano price flashed a buy signal in the form of a red-nine candlestick in the TD sequential detector and jumped up to $1.55. However, do keep in mind that the MACD shows sustained bearish market momentum so a further fall is in the cards. As things stand, ADA faces major resistance at $1.60 which sees a confluence of the 20-day and 50-day SMAs.
Image: ADA/USD daily
As per the IOMAP, previously at $1.60, almost 110,000 addresses had purchased over 2.5 billion ADA tokens.
Analyst Points to Key Levels Of Cardano Price
In a recent video, crypto analyst Michaël van de Poppe discussed the key levels Cardano (ADA) must hold to maintain its bullish trend and keep making higher highs.
Van de Poppe looked at ADA trading against both USDT and BTC. Pointing to its BTC trading pair, he said that it might fall back down to 2,900 satoshis per ADA token, which he claims is “the next obvious entry point.”
As per earlier reports, the analyst said that ADA was “still showing much strength and in a bull cycle” against BTC and expected it to move up to 6,200 satoshis. At press time, the cryptocurrency is trading at around 3,900 satoshis per token.
Looking at the ADA/USDT trading pair, the expert said he expects ADA’s price to rally as long as it can remain above the $1.38 mark, with a drop below it, meaning that it should try to hold its long-term support at $1.
Notably, not everyone appears to be bullish on Cardano. Billionaire Mike Novogratz recently said during an interview he was shocked by Cardano’s valuation and called it a “weird cult."
Cardano Price Is Expected To Reach These Levels
If the Cardano price manages to break above the $1.60 resistance barrier, ADA will reach the $1.70 line.