Cardano Price Prediction: ADA Bulls Retreat From the $1.33 Line
Daily Cardano ADA Technical Analysis
- The Cardano price RSI is trending at the edge of the overbought zone.
- Google interest in Cardano is at an all-time high.
Between February 24 and February 28, the Cardano price jumped from $0.96 to $1.33. On Monday and Tuesday, the price dropped to $1.23 and then improved a bit to $1.24. Let’s take a closer look at technical analysis.
Cardano Price Buyers Try To Improve Price Action
Over the last three days, the Cardano price had dropped below the $1.30 and $1.20 levels. As you can see, ADA tried to reach up to $1.33 and then the buyers retreated down to $1.24. The recent bearish correction dipped the relative strength index (RSI) to the edge of the overbought zone.
Image: ADA/USD daily
On the upside, the Cardano price has two strong resistance barriers at $1.27 and $1.30. At the former level, 32,500 addresses had purchased 1.65 billion ADA tokens. These two levels are robust enough to absorb a lot of buying pressure.
Looking at the 4-hour Cardano price chart, ADA is struggling to cross over the 20-bar SMA.
Image: ADA/USD 4-hour
Here is another interesting chart for you to check out. The Google search interest on Cardano is at an all-time high and reaching new heights. This is probably due to Cardano price recently reaching an all-time high and the Mary update.
Cardano Adds Native Tokens
With the recent launch of Mary hard fork, Cardano has become a multi-asset blockchain network. Mary is the second of the three hard fork events in the Goguen era - the current phase in Cardano’s roadmap focused on expanding the network’s capabilities.
Cardano’s founder Charles Hoskinson called the move “historic” as developers can now mint various crypto-based assets on the network, including utility tokens, security tokens, NFTs, etc. In a video, Hoskinson said:
I have no doubt we will see hundreds of assets, most worthless, some very prominent, launched on the Cardano network.
Issuing native tokens is a crucial step in creating a rich ecosystem of decentralized applications and could help the Cardano team replicate the success of Ethereum. However, despite native assets going live, the network still does not support smart contracts - a fundamental requirement for building dApps. Hoskinson said that full smart contract programmability is likely to launch by the end of Q2 2021 after Alonzo, the third hard fork of the Goguen era takes place.
Cardano Price Is Expected To Reach These Levels
Cardano is going to have a hard time breaking past the $1.27 resistance.