Cardano Price Prediction: ADA Crashes, Downside Protect By 50-day SMA

Daily Cardano ADA Technical Analysis

Last Updated July 23rd 2021
1 Min Read
  • Cardano price has intraday low of $0.913 before recovering.
  • MACD has reversed 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:

    • Flip the 20-day SMA from support to resistance.
    • Reverse MACD from bullish to bearish.

    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

    ADA/USD daily chart 052021

    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. 

    Image: IntoTheBlock

    ADA/USD volume chart 052021

    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.