Cardano Technical Analysis: ADA Failed At $1.50 And Dropped Down

Daily Cardano ADA Price Analysis

Last Updated July 23rd 2021
1 Min Read
  • 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

    Cardano Daily Chart

    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.

    Image: IntoTheBlock

    Cardano Volume Chart

    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.

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