Cardano Price Analysis: ADA Struggles To Go Back Above $1.40
Daily Cardano ADA Price Forecast
- Cardano price has two healthy support levels at $1.275 and $1.20.
- MACD shows increasing bearish market momentum.
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. Following that, ADA had three bullish sessions wherein it rose to $1.57 before the sellers took over. Let’s take a closer look with technical analysis.
Cardano Price Drops After Meeting Resistance At SMA Confluence
On June 15, the Cardano price met resistance at the confluence of the 20-day and 50-day SMAs and dropped to $1.41. The MACD shows sustained bearish market momentum, while the relative strength index (RSI) indicates that a further drop is expected.
Image: ADA/USD daily
As per the IOMAP, the Cardano price has crucial support at $1.27. Previously, at this level, almost 80,000 addresses had purchased over 1.45 billion ADA tokens.
Cardano Creator Calls For Doge Price ‘Floor’ Upgrade
The price of Dogecoin soared from mere fractions of a dollar to around 30 cents earlier, largely thanks to the social media support from Tesla billionaire Elon Musk. Later, Musk called on crypto developers to submit ideas for Dogecoin upgrades. To this, Cardano creator Charles Hoskinson said that he hopes Musk's support will help some "real developers come in and start working on dogecoin" to create some utility and give it a "value floor."
After Musk issued a call for Dogecoin upgrade ideas, Hoskinson outlined the challenges associated with improving a coin like Dogecoin. Doge is based on Litecoin, which is itself a fork of Bitcoin.
My hope is that a compromise can be made where real developers come in and they start working on doge to create some use and utility for it so at least it has a value floor and won't collapse.
He added that it would be "two or three years" before Doge could work as a modern cryptocurrency, but he isn't against the idea of Dogecoin and Cardano working together.
Dogecoin has seen little developer activity since it was created in 2013. Despite its shortcomings, the Dogecoin price has surged this year, picking up investors alongside meme-stocks such as Gamestop and AMC and racking up a market capitalization of $36 billion.
The soaring popularity of Dogecoin has been fueled by support from major cryptocurrency exchanges keen not to miss out on trading fees. The San Francisco-based Coinbase, one of the world's most popular crypto exchanges, added support for Doge just this month.
Cardano Price Is Expected To Reach These Levels
The Cardano price is falling towards the $1.275 support wall. A further break will take ADA to $1.20.