Cardano Price Analysis: ADA Tests The $1.16 Support Level
Daily Cardano ADA Price Forecast
- 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
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.
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.