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Cardano Price Prediction: ADA Downtrend Stopped By The 20-day SMA

Daily Cardano ADA Technical Analysis

2 Min Read
Last Updated April 8th 2021
  • Cardano price has dropped below the $1.20 line.
  • ADA has healthy support at $1.15.

After trending horizontally around $1.20 for 10 days, this Tuesday, the Cardano price climbed up and tried to enter the $1.40 line. However, the bears managed to more than negate this brief bullish surge the very next day.

Cardano Price Drops Below Key Level

This Thursday, the Cardano price dropped to $1.18, dropping below the crucial $1.20 level. The 20-day SMA has stopped the downward surge as of now. It will be crucial to see if it can hold on.

Image: ADA/USD daily

ada/usd daily chart 040821

On the downside, there is a healthy support stack at $1.15, which sees a confluence of both the 20-day and 50-day SMAs ($1.15). Previously, at this level, 92,000 addresses had purchased 2.75B ADA tokens.

Image: IntoTheBlock

ada/usd volume chart 040821

Charles Hoskinson On Cardano’s “Enormous” Activity

Cardano creator and IOHK CEO Charles Hoskinson said that an "enormous amount of activity" is taking place on Cardano currently. In a recent video, Hoskinson discussed the road map, native assets issued on Cardano, smart contracts, peer-to-peer transactions, etc.

The "enormous amount of activity" mentioned by Hoskinson includes the NFTs (non-fungible tokens) issued o Cardano in addition to the assets created on the blockchain network.

After checking on the cardanoassets.com site, the CEO said that 18,460 assets have been created on the blockchain. The network is growing fast, and it is great to see it, he added. 

According to the road map, at the end of April, the HFC event (hard fork) Alonzo will be announced on the Cardano 360 Episode. Hoskinson also said that Plutos Pioneer program is in the works. It is a program to recruit and train devs for Cardano in Plutus - the environment for Cardano-based smart contracts. 

Cardano Price Is Expected To Reach These Levels

If the 20-day SMA holds strong, Cardano price will reach $1.20 again. A break below will take ADA to the $1 psychological level.

 

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