- Cardano price shows sustained bearish market momentum.
- ADA keeps trending between $1.20 and $1.16 for the last nine days.
Over the last nine days, the Cardano price has been trending horizontally in a narrow channel between $1.20 and $1.16. During this horizontal movement, ADA managed to flip the 20-day SMA from support or resistance. Currently, ADA is priced around $1.185.
Cardano Price Finds Support On Top Of 50-day SMA
As things stand, the Cardano price has found support on top of the 50-day SMA. The MACD tells us that the overall market momentum is bearish. The relative strength index (RSI) is trending along horizontally, which tells us that the buyers and sellers are cancelling each other out.
Image: ADA/USD daily
On the upside, the IOMAP tells us that the strong resistance barrier is at the 20-day SMA ($1.20). Previously, 196,000 addresses had purchased almost 5.3 billion ADA here. On the downside, the 50-day SMA ($1.14) provides formidable support, since 126,000 addresses had purchased 3.25 billion ADA tokens.
Cardano Price Is Expected To Reach These Levels
Cardano price will keep trending horizontally around $1.18.