Cardano Technical Analysis: 50-day SMA Stops ADA Downtrend

Daily Cardano ADA Price Analysis

Last Updated July 23rd 2021
1 Min Read
  • Cardano price flips 20-day SMA from support to resistance.
  • MACD shows increasing bearish momentum.
  • Since June 4, the Cardano price has crashed from $1.84 to $1.57. During this downward surge, The Cardano price has flipped the 20-day SMA from support to resistance. Prior to this drop, ADA had jumped from $1.395 to $1.84 between May 30 and June 3. Let’s take a closer look with technical analysis.

    Cardano Price Sits On Top Of Crucial Level

    Following this latest crash, the Cardano price is presently sitting on top of the 50-day SMA. There are two more indicators that show that ADA is going to drop even more:

    1. The MACD shows increasing bearish market momentum.
    2. The TD sequential detector shows us that Cardano could have four more bearish candles before flashing the buy signal with the red-nine candlestick.

    Image: ADA/USD daily

    ada/usd daily chart 060921

    Looking at the IOMAP, we can see that the Cardano price has crucial support at the 50-day SMA. Previously, at this level, almost 87,000 addresses had purchased over 1.28 billion ADA tokens.

    Image: IntoTheBlock

    ada/usd volume chart 060921

    Cardano Price Is Expected To Reach These Levels

    If the Cardano price breaks below the 50-day SMA, it will likely reach the $1.35 support wall.

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