Daily Cardano ADA Price Forecast

• Cardano price is currently dropping to the $1.15 support line.
• RSI shows that ADA is no longer overpriced.

Throughout the month of February, the Cardano price jumped from $0.34 to reaching an intra-day high of $1.40. As such, ADA gained more than a dollar in its overall valuation. However, the bears have since taken back control over the last four days.

Cardano Price Dropped From $1.30 to $1.16 Over The Last Four Days

Since the beginning of March, the Cardano price has dropped to $1.16, losing nearly $0.15 in overvaluation. During this drop, the relative strength index (RSI) has dipped into the neutral and is no longer overpriced.

Image: ADA/USD daily

Now, looking at the downside, the Cardano price has two healthy support levels at $1.15 and $1.10. At the former, a little over 33,000 addresses had purchased almost 1 billion ADA tokens. After that, in the $1.10 level, 52,000 addresses had also purchased a billion ADA tokens. These two support barriers are robust enough to absorb a lot of selling pressure.

Image: IntoTheBlock

The 4-hour Cardano price chart shows us two different sell signals:

1. The MACD shows sustained bearish market momentum.
2. The 50-bar SMA has been flipped from support to resistance.

Image: ADA/USD 4-hour

Cardano Price Is Expected To Reach These Levels

The Cardano price is likely going to drop to the $1.10 support barrier.