Cardano Price Prediction: ADA Is Trending Horizontally

Last Updated July 23rd 2021
1 Min Read

Daily Cardano ADA Technical Analysis
  • The Cardano price is trending horizontally for the last four days.
  • The MACD shows steady bearish market momentum.

Since March 25, the Cardano price bounced up from the 50-day SMA and jumped from $1.07 to to the $1.20 resistance. Since then, ADA has been trending horizontally between the $1.20 resistance and the 20-day SMA.

Cardano Price Is Stuck Below $1.20 Level

After encountering the $1.20 resistance barrier, the Cardano price is hovering horizontally between the $1.20 resistance and the 20-day SMA. The MACD shows sustained bearish market momentum, while the RSI is hovering along the 55-level.

ada/usd daily chart 033021

Image: ADA/USD daily

Looking at the IOMAP, we can see that the $1.20 resistance is particularly strong since 75,000 addresses had purchased nearly 2 billion ADA tokens here.

ada/usd volume chart 033021

Image: IntoTheBlock

Cardano Price Is Expected To Reach These Levels

The Cardano price will likely keep trending horizontally until it breaks above or below the key levels.

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