Cardano Price Prediction: ADA Faces An Immediate Stack Of Resistance

Daily Cardano ADA Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • Cardano price jumped up after flashing a buy signal.
  • ADA has immediate resistance at 20-day and 50-day SMAs.
  • The Cardano price dropped from $1.84 to $1.43 between June 4 and June 11, during which it flipped the 20-day and 50-day SMAs from support to resistance. Before this crash, ADA jumped up from $1.43 to $1.84 between May 30 to June 3.

    Cardano Price Goes Up After Flashing Buy Signal

    On June 12, the Cardano price managed to flash a buy signal in the form of a red-nine candlestick. Following that, ADA had three straight bullish candles. Wherein it jumped up from $1.43 to $1.55 – gaining almost $0.12 in its overall valuation. The relative strength index (RSI) is hovering around the neutral zone, which tells us that further growth is expected. However, the upside is presently blocked by the $1.65 barrier.

    Image: ADA/USD daily

    ADA/USD daily chart 061521

    Looking at the IOMAP, we can see that the Cardano price faces strong resistance at around $1.65, which sees a confluence of the 20-day and 50-day SMAs. Previously, at this level, almost 89,000 addresses had purchased over 1.88 billion ADA tokens.

    Image: IntoTheBlock

    ADA/USD volume chart 061521

    Ethereum Co-Founder Is Incredibly Bullish On Cardano

    Ethereum co-founder Anthony Di Lorio recently revealed that he is a big fan of Polkadot and Cardano and is confident in their futures based on their creators’ reputations. Di Lorio is quite familiar with Polygon founder Gavin Wood and Cardano creator Charles Hoskinson.

    In a recent interview with Morgan Creek Digital co-founder Anthony Popliano, Di Lorio shared his thoughts on many crypto projects. Revealing his involvement in several different ongoing projects, Di Lorio also praised Hoskinson and Wood, who also helped create Ethereum alongside himself, Buterin, and a few other developers.

    I’m a big fan of Polkadot, I’m a big fan of Cardano. Big fan of Charles, let’s say that. You know, taking some different approaches in the way that they’re doing things, much more on the academic side of what he’s done and bringing stuff forward. Real big fan of Gavin Wood.

    Di Lorio has holdings in other digital currencies too. Commenting on them, he said:

    Most of my stuff is in the top few things, Ether, Bitcoin, Cardano, Polkadot. I like Cosmos as well. And there’s a few others, but I’m not getting lost in all the DeFi (decentralized finance) stuff. I just think there’s not enough time, not enough energy. 

    The Polkadot and Cardano networks are among the most popular, given the innovation behind their blockchains. Their native currencies, DOT and ADA, have both fared well amid the recent crypto crash, and developments are afoot on both ends. Polkadot recently announced an auction for its first parallel chain (or parachain), while Cardano has reached several milestones in 2021 alone and is continuing to introduce novel features.

    Cardano Price Is Expected To Reach These Levels

    If the Cardano price manages to break above the $1.65 resistance barrier, ADA will reach the $1.70 line.

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