Cardano Price Prediction: ADA Crashes, Downside Protect By 50-day SMA
Daily Cardano ADA Technical Analysis
- Cardano price has intraday low of $0.913 before recovering.
- MACD has reversed from bullish to bearish.
- Flip the 20-day SMA from support to resistance.
- Reverse MACD from bullish to bearish.
Over the last three days, the bears have taken full control of the Cardano price as it crashed from $2.25 to $1.45. In fact, at one point, ADA reached an intra-day low of $0.913 before the bears retreated back above the 50-day SMA. Prioto this, the Cardano price had more than doubled its valuation, jumping from $1.09 to $2.20 between April 26 and May 16
Cardano Price Momentum Turns Bearish
During today’s plunge, the Cardano price managed to:
However, do note that the Bollinger Band has started constricting indicating decreasing price volatility. So it could be possible that Cardano isn’t going to go through any more drastic plunges.
Image: ADA/USD daily
Cardano price has robust support at the 50-day SMA ($1.40). Previously, at this level, nearly ~48,000 addresses had purchased ~1 billion ADA tokens.
Cardano Price Is Expected To Reach These Levels
The Cardano price will likely break below the 50-day SMA, which is the healthiest support wall as per the IOMAP. If that happens, a crash towards the 200-day SMA ($0.75) is in the cards.