Cardano Technical Analysis: ADA Has Been Trending Horizontally Around The $1.20 Level

Last Updated July 23rd 2021
2 Min Read

Daily Cardano ADA Price Analysis
  • Cardano price has been trending horizontally in a narrow $0.03 channel.
  • The MACD shows that the overall market momentum is negative.

The Cardano price has been trending horizontally for the last five day in a narrow $0.03 channel between $1.20 and $1.17. The buyers and sellers are effectively cancelling each other out. Let’s take a closer look with technical analysis.

Cardano Price Struggles To Break Above $1.20 Resistance

The buyers and sellers have been engaged in a tug-of-war. As such, the price is hovering around the $1.20 line with very low volatility. The MACD shows that the overall market momentum is bearish. The 20-day SMA on the downside has repeatedly stopped ADA from dropping any more.

ada/usd daily chart 040121

Image: ADA/USD daily

The IOMAP tells us that the $1.20 line is extremely strong. Previously, at this level, over 142,000 addresses had purchased a little less than 4 billion ADA tokens. On the downside, the 20-day SMA ($1.15) is robust enough to prevent further downward slides.

ada/usd volume chart 040121

Image: IntoTheBlock

Daedalus Now Allows Sending and Receiving Native Tokens

IOHK (the firm behind Cardano) recently announced the launch of version 4.0.3 of Daedalus. Cardano’s full-node wallet Daedalus allows users to send and receive native tokens.

Input Output Tweet

NEW DAEDALUS: Fresh out now, Daedalus 4.0.3 brings support for native tokens, making #Daedalus a multi-asset wallet that enables users to send and receive native tokens #Cardano $ADA

As per Daedalus 4.0.3 release notes, the most important new feature is support for native tokens. Wallet addresses can now receive both ADA and native tokens contained in a single Cardano transaction. Available native tokens appear in the token section of the Wallet Summary screen, where the balance for each of the tokens is shown. 

When using native tokens, transaction fees are paid in ada, and some ada needs to be sent with every transaction for network protection against attacks. 

Notably, Daedalus is “a download-only full node wallet for Linux, Mac and Windows PCs” and “it is NOT available as an Android or iOS mobile app.” 

Cardano Price Is Expected To Reach These Levels

The Cardano price will likely keep trending around the $1.20 level.

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