Cardano Price Analysis: ADA Retreats After Hitting All-Time High
Daily Cardano ADA Price Forecast
- Cardano price hit an all-time of $1.83 on Monday.
- The price volatility for ADA has increased.
Between April 26 and May 9, the Cardano price jumped from $1.09 to $1.77 – gaining almost $0.56 in its overall valuation. During this upward surge, the Cardano price managed to flip the 20-day and 50-day SMAs from resistance to support. More importantly, ADA reached an all-time high level of $1.83.
Cardano Price Dropped Back Into The Bollinger Band
The Cardano price has dropped to $1.77 from it's all-time high. As result of this drop, not only has ADA dropped back into the Bollinger Band, but the relative strength index (RSI) has dipped back into the neutral zone.
Image: ADA/USD daily
Cardano price has a strong resistance barrier at $1.72. Previously, at this level, nearly ~46,000 addresses had purchased a little over 900 million ADA tokens. On the downside there are two healthy support barriers $1.62 and $1.57.
Netherlands, Ireland And Australia Most Interested In Cardano
Interest in Cardano (ADA) has been rising significantly in recent times. Data from Google Trends has revealed that interest in Cardano news has surged over the past few months. It began by the end of January and hit a peak on March 14.
The data also revealed that the Netherlands is the most interested in Cardano, followed by Ireland and Australia.
Interest on Google for keyword "Cardano news"
Interest on Google for keyword "Cardano news" by Country
IOHK (the firm behind Cardano) recently unveiled key partnerships in Africa. The firm is working with Ethiopia’s Ministry of Education to build a blockchain-based system that will track student performance in the country’s schools. The project would be introduced to five million students and 750,000 teachers.
This partnership is at the heart of Ethiopia’s Digital Transformation Strategy. IOHK has long recognized how developing world countries could uniquely benefit from blockchain, and this deployment is key in our vision for Africa.
Cardano is also bringing blockchain solutions to Tanzania. It will facilitate mobile internet connectivity in rural areas of the country and provide digital identity and financial solutions.
Crypto expert Lark Davis said that he expects ADA to surge. He noted that this would happen once Cardano rolls out the much anticipated Alonzo upgrade, which will enable smart contract functionality in the blockchain. The update will launch in August.
Cardano Price Is Expected To Reach These Levels
The Cardano price is dropping towards the $1.62 support barrier. This level is sturdy enough to absorb a lot of selling pressure.