Cardano Technical Analysis: ADA Buyers in Control But Face Immediate Resistance Ahead
Daily Cardano ADA Price Analysis
- Cardano price had reversed the 20-day and 50-day SMAs from resistance to support over the last four days.
- The parabolic SAR has flipped from negative to positive.
Over the last four days, the Cardano price managed to reverse the 20-day and 50-day SMAs from resistance to support, jumping up from $1.09 to $1.35. There are two strong resistance barriers on top holding ADA down. Let’s take a closer look with technical analysis.
Cardano Price Sentiment On The Verge Of Reversing
The buyers should have the momentum required to break past the $1.36 resistance barrier. Looking at the daily Cardano price chart, it has flashed two buy signals. Firstly, the MACD shows increasing bullish market momentum. Secondly, the parabolic SAR has flipped from negative to positive.
Image: ADA/USD daily
Cardano price faces an immediate resistance barrier at $1.36. Previously, at this level, nearly 35,400 addresses had purchased almost 570,000 ADA tokens. If ADA manages to cross this resistance level, it should reverse the parabolic SAR from negative to positive.
Simplex Adds Cardano
Payments company Simplex recently revealed that it is adding support for Cardano to meet a surge in retail demand for ADA. Users can now purchase ADA using their debit or credit card, Apple Pay, SEPA, or SWIFT transfers. Cardano’s growing popularity and development activity were among the main drivers behind the move. Simplex said:
The renewed interest in Cardano is the product of a loyal social media following, a thriving community, and landmark achievements. As its popularity and appeal keep rising, both investors and developers will continue to explore new boundaries.
A rise in buying pressure around the current price levels could help Cardano recover from the losses it incurred over the past week.
Cardano Price Is Expected To Reach These Levels
The Cardano price needs to break past the $1.36 resistance wall and reach the $1.50 psychological barrier.