Cardano Price Prediction: ADA On Course To Taking Down 50-day SMA

Daily Cardano ADA Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • The Cardano price will flip the parabolic SAR to positive by taking down 50-day SMA.
  • MACD indicates sustained bullish market momentum.
  • The Cardano price jumped from $1.15 to $1.45 from June 23 to July 4. Following this rise, ADA has encountered resistance at the 50-day SMA and it was forced to hover horizontally at this level.

    Cardano Price Faces Major Resistance At 50-day SMA

    Due to this recent climb, the Cardano price flashed two buy signals. Firstly, the 20-day SMA reversed from resistance to support. Secondly, the MACD indicates increasing bullish market momentum. As such, a further rise in price is expected.

    Image: ADA/USD daily

    ADA/USD daily chart 070621

    The Cardano price faces crucial resistance at the 50-day SMA ($1.50). Previously, at this level, over 68,000 addresses had purchased nearly 1.2 billion ADA tokens.

    Image: IntoTheBlock

    ADA/USD volume chart 070621

    Charles Hoskinson Claims That Cardano Has "Thousands" of Assets

    IOHK CEO Charles Hoskinson recently took to Twitter to shut down critics that criticized his poorly aged tweet from July 2020. Hoskinson had claimed that there would be hundreds of assets, thousands of decentralized applications (dApps), and numerous interesting projects on top of the Cardano proof-of-stake blockchain. On July 5, 2020, Hoskinson had said:

    "This time next year I predict there will be hundreds of assets running on Cardano, thousands of DApps, tons of interesting projects and lots of unique use and utility. 2021 is going to be so much fun watching Cardano grow and evolve. The community is definitely ready to innovate."

    Ether holders and other Cardano skeptics are now claiming that none of this happened, with only two weeks left to deliver on the CEO's ambitious goals. To this, Hoskinson responded by saying there are “thousands” of assets on Cardano. 

    "There are thousands of assets on Cardano. I guess you haven't been paying attention. Tons of devs learning, training, writing. Lots of launch apps."

    Cardano added native tokens back in March after the launch of the much-anticipated Mary hard fork. While there are 6,859 assets on the Cardano blockchain, only two logs more than 10,000 transactions per month (spacecoins and ADAX). The other majority of tokens issued on top of the chain see no activity at all.

    The “Ethereum killer” is set to fully roll out its smart contract capabilities, which will allow it to host a vast array of decentralized applications in early September.

    Cardano Price Is Expected To Reach These Levels

    The buyers must flip the 50-day SMA from resistance to support and reverse the parabolic SAR from negative to positive in the process. Following that, ADA will reach the $1.60 resistance.