Cardano Technical Analysis: ADA Comes Down After Facing Rejection At $1.18
Daily Cardano ADA Price Analysis
- Cardano price sentiment has reversed from bullish to bearish.
- 20-bar SMA stops Cardano price in the 4-hour chart.
Cardano price dropped from $1.31 to $1.10 from March 1 to March 4. Since then, ADA found support at the 20-day SMA, which is stopping the price from dropping any further. Let’s take a closer look with technical analysis.
Cardano Price Is Sitting On Top Of 20-day SMA
The relative strength index for Cardano price has gone from the overbought zone into the neutral zone, which shows that it is no longer overvalued. The parabolic SAR has flipped from bullish to bearish, which shows that the market sentiment is negative.
Image: ADA/USD daily
As can be seen, the nearest healthy support levels at 20-day SMA ($1.10). This level is pretty robust since 31,500 addresses had previously purchased 741 million ADA tokens. A break below this line will take Cardano price to $0.98 support barrier.
The MACD shows that market momentum for Cardano price shows increasing bullish intent. However, the 20-bar SMA has prevented any further growth.
Image: ADA/USD 4-hour
Cardano Price Is Expected To Reach These Levels
Cardano price is going to keep trending horizontally around the $1.13-level.