Cardano Price Analysis: ADA Tests The $1.16 Support Level

Daily Cardano ADA Price Forecast

Last Updated July 23rd 2021
1 Min Read
  • Cardano price on the verge of flashing red-nine candlestick
  • MACD shows increasing bearish market momentum.
  • The Cardano price has crashed from $1.575 to $1.16 between June 15 and June 22, losing almost $0.15 in its overall valuation. Prior to that, ADA had dropped from $1.85 to $1.43 between June 4 and June 11, flipping the 20-day and 50-day SMAs from support to resistance. 

    Cardano Price Bounces Up From $1.16 Support

    The Cardano price bounced up from the $1.16 support wall and is currently valued at around $1.23. Despite this drop, the MACD shows sustained negative momentum so a further drop is expected. As per the TD sequential detector, Cardano could drop for two more sessions before flashing the buy signal in the form of a red-nine candlestick.

    Image: ADA/USD daily

    ADA/USD daily chart 062421

    As per the IOMAP, the Cardano price has crucial support at $1.16. Previously, at this level, over 105,000 addresses had purchased nearly 2.7 billion ADA tokens.

    Image: IntoTheBlock

    ADA/USD volume chart 062421

    Cardano Price Is Expected To Reach These Levels

    The Cardano price will again retest the $1.16 support wall. A further break will take ADA to the $1.10 line.

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