Cardano Price Prediction: ADA Is Trending Horizontally
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.
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.
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.