Cardano Price Prediction: ADA Keeps Sitting On Top of 20-day SMA
Daily Cardano ADA Technical Analysis
- Cardano price is trending horizontally around $1.12.
- MACD shows positive market momentum in the 4-hour timeframe.
Cardano price dropped from $1.32 to $1.20 between February 28 to March 4. Since then, ADA has been trending horizontally between strong levels. Let’s take a closer look with technical analysis.
Cardano Price Is Stuck Between Two Strong Levels
Over the last three days, the Cardano price dropped to $1.06. However, the 20-day SMA has stopped ADA from going down to this level over the last three days. The parabolic SAR for ADA has flipped from bullish to bearish, which tells us that the market momentum is negative.
Image: ADA/USD daily
IntoTheBlock’s IOMAP also tells us that the price is stuck between two strong levels at $1.15 and the 20-day SMA ($1.19). At the latter, 68,000 addresses had purchased 1.73 billion ADA tokens. However, on the upside, the $1.15 resistance barrier is particularly strong.
In the 4-hour Cardano price chart, you can see that candlesticks are stuck below the 20-bar SMA and have been trending horizontally for quite some time. However, the MACD shows us that the market momentum is slightly bullish, which augurs well for the buyers in this time frame.
Image: ADA/USD 4-hour
Cardano Price Is Expected To Reach These Levels
Cardano price is likely going to hover around the $1.12 level.