- The Cardano price volatility is decreasing due to the narrowing of the Band.
- On the upside, ADA faces strong resistance at the 20-day SMA.
Over the last two sessions, the Cardano price has dropped from $1.35 to $1.28, flipping the 20-day SMA from support to resistance. Before that, between June 23 and July 4, ADA climbed up from $1.15 to $1.45. Let’s take a closer look.
Cardano Price Looks To Drop Below The Bollinger Band
Between July 5 and July 11, the Cardano price has dropped from $1.46 to $1.35, finding support at the 20-day SMA. Following the price drop of the last two, the Bollinger Band had started narrowing to indicate decreasing volatility. The relative strength index (RSI) shows that ADA could drop some more before getting underpriced.
Image: ADA/USD daily
The Cardano price has healthy support at the lower Bollinger Band ($1.25). Previously, at this level, over 82,250 addresses had purchased nearly 1.3 billion ADA tokens.
Cardano Price Is Expected To Reach These Levels
If the lower Bollinger Band doesn’t hold strong, the Cardano price will dip to the $1.15 support wall.