Cardano Price Prediction: ADA Bulls Wake Up, Make Up For Wednesday’s Losses
Daily Cardano ADA Technical Analysis
- Cardano price flips back 20-day SMA from resistance to support.
- Currently, the $0.35 resistance barrier is extremely strong.
Cardano price dropped from $0.38 to $0.312 over the last 10 days. During this fall, ADA managed to flip the 20-day SMA from support to resistance. However, the bulls staged a fightback and reclaimed this level.
Cardano Price Aims For $0.35 Resistance
The Cardano price jumped from $0.312 to $343 to nullify this Wednesday’s losses. In fact, looking at this Thursday’s wick, we can see that the price actually tried to break above the $0.35 resistance but has since retraced.
Image: ADA/USD daily
In fact, looking at IntoTheBlock’s IOMAP, we can see that this $0.35 resistance barrier is solid. In fact, previously at this level, 32,640 addresses had purchased 2.7 billion ADA tokens. If Cardano price managed to break past this zone, ADA would reach $0.40.
On the downside, there is a healthy support at the $0.32 line. At this level, 36,320 addresses had purchased 3.33 billion ADA tokens. Looking at the 4-hour chart, we can see just how dominant the buyers have been lately.
Image: ADA/USD 4-hour
Four indicators showcase the bullish dominance in this time frame:
- There have been 5 consecutive bullish candlesticks.
- The parabolic SAR has reversed from bearish to bullish.
- The MACD indicates increasing bullish momentum.
- The 20-bar and 5--bar SMAs have been flipped from bearish to bullish.
All these indicators tell us that the Cardano price will probably attack the $0.35 level once again.
Cardano Price Is Expected To Reach These Levels
If Cardano price manages to break above $0.35, ADA will probably reach the $0.40 mark. If they fail, the buyers will hope that the 50-bar SMA ($0.34) holds firm and prevents further downflow. If this support does break, the Cardano price will probably drop to the $0.32 support.