Cardano Technical Analysis: ADA Failed At $1.50 And Dropped Down
Daily Cardano ADA Price Analysis
- Cardano price has flipped 20-day SMA from support to resistance.
- ADA is sitting on top of the 50-day SMA.
Between April 5 to April 15, the Cardano price jumped to $1.17 to $1.48, gaining more than $0.30 in its overall valuation. Since then, ADA has dropped under three straight bearish sessions and nearly lost all the gains they made between April 5 to April 15.
Cardano Price Sits On Top Of 50-day SMA
Over the last three days, the Cardano price dropped from $1.48 to $1.20, reaching an intraday low of $1.05. During this downward surge, ADA managed to flip the 20-day SMA from the support to resistance. As things stand, the 50-day SMA has stopped further downflow - for now. The MACD has still not reversed from bullish to bearish.
Image: ADA/USD daily
Alright, let’s look at the IOMAP to understand why the 20-day SMA ($1.20) is such a formidable line. Previously, at this level, 170,000 addresses had purchased 3 billion ADA tokens.
Cardano Price Is Expected To Reach These Levels
Looking at the Cardano price, if the 50-day SMA doesn’t stay strong, a drop to the $1.12 support line is in the cards.