Cardano Technical Analysis: 50-day SMA Stops ADA Downtrend
Daily Cardano ADA Price Analysis
- 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:
- The MACD shows increasing bearish market momentum.
- 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
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.
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.