Cardano Price Prediction: ADA Is About To Flash Sell Signal
Daily Cardano ADA Technical Analysis
- Cardano price has had four straight bullish sessions.
- The MACD is about to reverse from bullish to bearish.
After dropping from $0.95 to $0.89 on February 14, the Cardano price has since improved to $0.915. As things stand, ADA should reach the $1-level, however, it has started flashing some sell signals.
Cardano Price Going Through Negative Market Sentiment
There are two things in the daily Cardano price chart that shows negative market sentiment:
- The MACD is about to reverse the market momentum from bullish to bearish.
- The parabolic SAR has flipped from bullish to bearish.
Image: ADA/USD daily chart
On the upside, the $1 psychological level 4.63 million ADA tokens distributed among 723 addresses. On the downside, the Cardano price has a robust support barrier at $0.88, wherein 91,000 addresses had purchased 4.75 billion ADA tokens.
Looking at the 4-hour Cardano price chart, we can see that the $0.88 support line coincides with the 20-bar and 50-bar SMAs. However, the TD sequential detector tells us that ADA is about to flash the green-nine candlestick.
Image: ADA/USD 4-hour chart
Cardano Launching Mary Hard Fork On March 1
Cardano has recently released the much-anticipated release date for its Hard Fork Combinator (HFC) event dubbed “Mary.” As per an update shared by Charles Hoskinson, the project’s founder, the network upgrade will take place on March 1. The HFC will complete all the quality assurance and developer checks on February 24.
However, he noted that certain variables might change the progression of the schedule. Factors like bad weather conditions, according to him, may push the date even further. Hoskinson emphasized that the team has worked hard to ensure that everything goes as planned.
"We’ve been testing it for almost a month on the testnet…looks good. Exchanges are happy. We’ve done a huge QA set, so… looks like it’s going to take off on schedule."
The Mary hard fork is a significant upgrade for Cardano. It unlocks a new world of opportunities for both the Cardano community and the companies and institutions using the network. It will fully unlock Cardano’s smart contract functionality.
Hoskinson mentioned that users on the Cardano network would need to upgrade their nodes to access the new network upgrade. They can do so by downloading the latest version of Daedalus - Flight.
He noted that Flight would be the first version of the Daedalus wallet to support the native multi-asset interface. The founder added that the wallet would be upgraded to Flight in the first week of March.
Cardano Price Is Expected To Reach These Levels
The Cardano price will probably go up for a bit and then drop down below the $0.9 psychological level.