Cardano Technical Analysis: ADA Drops Below $1.20
Daily Cardano ADA Price Analysis
- Cardano price dropped from $1.32 to $1.19 over the last two days.
- ADA is sandwiched between 20-bar and 50-bar SMA in the 4-hour chart.
The Cardano price had two straight bearish days wherein it dropped from $1.32 to $1.19, falling below the $1.20 psychological level. Prior to this, ADA rose from $0.345 to $1.32, rising up from February 1 to February 27.
Cardano Price Crumbles Under Two Bearish Days
Prior to these two bearish days, the relative strength index (RSI) was trending in the overbought zone, however, this recent dip had pulled it back into the neutral zone. This proves that Cardano price is no longer overvalued.
Image: ADA/USD daily
On the downside, there are two healthy support levels at $1.15 and $1.10. Previously at $1.15, 33,000 addresses had purchased 795 million ADA tokens. It seems unlikely that the Cardano price is going to drop below these levels.
The MACD shows sustained bearish momentum so a further drop in Cardano price is expected. The TD sequential tells us that ADA is on the verge of charting a red-nine candlestick. This is a positive sign and shows that an uptick in price is in order.
Image: ADA/USD 4-hour
Cardano Price Is Expected To Reach These Levels
The Cardano price is on the verge of dropping to the $1.15 support wall. Following that, ADA is likely going to rise up again.