Cardano Price Prediction: ADA Stuck Below $1.30 Resistance

Daily Cardano ADA Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • Cardano price trending between $1.30 and $1.23 resistance and support.
  • Breaking above 50-day SMA will flip the parabolic SAR to bullish.
  • Between June 4 and June 22, the Cardano price crashed from $1.84 to $1.15 – losing almost $0.70 in its overall valuation. During this crash, ADA managed to flip the 20-day and 50-day SMAs from support to resistance. Read on to find out what happened after that.

    Cardano Price Bulls Face Rejection At $1.30

    On June 23 and June 24, the Cardano price jumped from $1.15 to $1.36. Following a rejection at the 20-day SMA, ADA fell to $1.24. Since then, ADA has been trending horizontally below the $1.30 resistance barrier. The relative strength index (RSI) indicates that Cardano could jump some before getting overpriced.

    Image: ADA/USD daily

    ADA/USD daily chart 062821

    As per the IOMAP, the Cardano price faces crucial resistance at $1.30. Previously, at this level, over 125,000 addresses had purchased nearly 3 billion ADA tokens.

    Image: IntoTheBlock

    ADA/USD volume chart 062821

    Michaël van de Poppe on Cardano

    Crypto strategist Michaël van de Poppe recently said that he’s keeping a close watch on the price action of Cardano, Ethereum, and two low-cap altcoins as the digital asset market shows signs of weakness.

    In a new tweet, Van de Poppe mentioned that while Cardano has recovered a key level against Bitcoin (ADA/BTC), the pair must retest it as support to potentially ignite a fresh rally.

    Cardano breaking back up in which it should be flipping the 3,800 satoshis (0.000038) level if it wants bullish continuation.

    Source: Twitter

    ADA/USD twitter chart 062821

    As for Ethereum, the trader said that the leading smart contract platform must stay above support of around $1,800 to have a shot at launching a 27% surge.

    Ethereum holding here would mean test at $2,300 or $2,600 is on the horizon.

    Another altcoin on Van de Poppe’s radar is the supply-chain management protocol VeChain (VET). The crypto strategist highlighted that should VET hold its long-term support, as he sees the crypto asset erupting nearly 60% toward an immediate resistance.

    VeChain still consolidating here. The critical level is $0.095 to break. Support is found at $0.06.

    The next altcoin on the trader’s list is blockchain video sharing platform Verasity (VRA). According to Van de Poppe, VRA has become interesting after retracing to a significant support zone around $0.008. The crypto trader added that a move above $0.0135 could potentially catapult the coin to its next resistance of $0.024, representing a potential move of over 77%.

    Verasity? Everybody wanted to have that one a few months ago as it would disrupt the gaming industry. Now? Nobody wants to have it, while it’s having some interesting retests and clear support tests happening here. I think it might become interesting.

    Cardano Price Is Expected To Reach These Levels

    The Cardano Price needs to take down three resistance levels – $1.30, 20-day SMA, and 50-day SMA. If the buyers successfully do this, they will flip the parabolic SAR from negative to positive.

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