Cardano Price Prediction: ADA Plummets Below the $1-Mark
Daily Cardano ADA Technical Analysis
- Strong support for Cardano price lies at the 20-day SMA ($0.85).
- The parabolic SAR in the 4-hour ADA chart has reversed from bullish to bearish.
Prior to this Sunday, the Cardano price had jumped from $0.35 to $1.167, over the month of February. However, having trended horizontally around this line for a bit, ADA ended up having one of its most bearish candlesticks ever.
Alarm Bells Ringing For Cardano Price?
This Tuesday, the Cardano price plummeted from $1.10 to $0.88. In the process, ADA managed to flip the $0.93 line from support to resistance. Due to this correction, the RSI has dropped from the overbought zone to the neutral zone.
Image: ADA/USD daily
On the downside, key resistance lies at the 20-day SMA ($0.85), which is visualized by the IOMAP here. Previously, at this level, 91,300 addresses had purchased 3.88 billion ADA tokens. This level looks robust enough to absorb a lot of selling pressure.
Looking at the 4-hour Cardano price chart, we can see three different sell signals:
- The MACD shows increasing bearish market momentum.
- The 20-bar and 50-bar SMAs have flipped from support to resistance.
- The parabolic SAR has reversed from positive to negative. This shows that the current market sentiment is bearish.
Image: ADA/USD 4-hour
Cardano Price Is Expected To Reach These Levels
Cardano price will likely drop to the 20-day SMA ($0.85) if the current negative market sentiment persists.