Cardano Technical Analysis: ADA Has Four Straight Bearish Sessions

Daily Cardano ADA Price Analysis

Last Updated July 23rd 2021
2 Min Read
  • The Cardano price is falling towards the $1.20 level.
  • The MACD has reversed from green to red.
  • Looking at the daily Cardano price chart, ADA has had four straight bearish sessions, wherein it fell from $1.35 to $1.22. During the fall, Cardano flipped the 20-day SMA from support to resistance. Before that ADA had climbed from $1.15 to $1.45 between June 23 and July 4.

    Cardano Price Flashes Buy Signal Post Fall

    The Cardano price is falling towards the $1.20 support wall, due to which the MACD has reversed from bullish to bearish. However, there might be some respite for the buyers. As per the TD sequential detector, ADA has flashed a buy signal in the form of a red-nine candlestick. This could encourage a future bullish movement.

    Image: ADA/USD daily

    ADA/USD daily chart 071621

    The Cardano price has healthy support at $1.20. Previously, at this level, over 100,000 addresses had purchased nearly 1.4 billion ADA tokens.

    Image: IntoTheBlock

    ADA/USD volume chart 071621

    Cardano’s Work In Africa Continues With Rwanda NGO

    Save the Children, an NGO in Rwanda recently became the latest member of the NGO community to endorse cryptocurrencies after it announced the establishment of a partnership agreement with the Cardano Foundation. 

    According to an official statement, this arrangement became possible after Cardano “installed a payment gateway that allows ADA donations to come directly to the project without intermediaries.” Once received, the funds will be “invested in African-based social enterprises with a proven impact on children, families, or youth.”

    Some 22,000 ADA ($30,000) has been donated through the system within hours of its launch, per the statement. Maggie Korde, Save the Children’s country director, explained how cryptos can help school children from the country. She said:

    "Through Cardano, Save the Children in Rwanda now has a starter pot of the cryptocurrency ADA which we can deploy to projects for children. But there are also countless possibilities through blockchain to firstly directly impact children’s lives through initiatives such as digital school records and secondly to increase our efficiency and transparency as an organization."

    Similarly, Ettore Rossetti, a senior advisor at Save the Children, also applauds the partnership, which has brought another “exciting new path for the organization.” She said:

    “Beyond cryptocurrency contributions, what if blockchain technology could be used to make supply chains more efficient, transactions more transparent, and end world poverty through decentralized universal basic income as a form of unconditional cash vouchers? That would be a dream worth holding onto.”

    Cardano Price Is Expected To Reach These Levels

    If the Cardano price does break the $1.20 support, it will reach the $1.15 line.