0

Cardano Technical Analysis: ADA Keeps Sandwiched Between Key Levels

Daily Cardano ADA Price Analysis

2 Min Read
Last Updated April 9th 2021
  • Cardano price has found support at both the 20-day and 50-day SMAs.
  • The Bollinger band shows that price volatility is decreasing.

Since March 27, the Cardano price is trending along horizontally between the $1.24 barrier and the 20-day SMA. Following a $0.070 fall this Wednesday, ADA managed to climb up to $1.21. Let’s take a closer look with technical analysis.

Cardano Price Keeps Trudging Along Horizontally

Looking at the Cardano price chart, we can see that ADA will likely keep on with its horizontal trend. There are two signals which tell us that:

  • The Bollinger band is contracting which tells us that price volatility is decreasing.
  • The MACD shows a sustained bearish momentum.

Image: ADA/USD daily

Looking at the daily Cardano price chart, there is a strong resistance at $1.25 which is pushing ADA down. Previous, at this level, 96,300 addresses had purchased 2.6 billion ADA tokens.

Image: IntoTheBlock

Cardano Releases Roadmap Till 2025

Charles Hoskinson, the creator of Cardano and IOHK CEO, recently shared the roadmap of Cardano in a YouTube video. He first addressed the Alonzo stage of the roadmap. Hoskinson mentioned that this fork would be completed in a live online event scheduled for late April. 

The Cardano developer team is also working on solving the blockchain scaling problem in point-to-point transfers. The CEO mentioned that he would return to the scaling issue once the fork is completed. 

The Voltaire update is the final stage in the Cardano project roadmap. With this update, the Cardano network would function as a self-sufficient system. The blockchain aims to enable a fully decentralized ecosystem with scalable transfer technology.

Hoskinson added that he would meet with third-party experts and consultants to assess the roadmap further. 

Cardano Price Is Expected To Reach These Levels

The Cardano price is going to keep trending below $1.24.

 

Top Brokers in
    All Regulated Brokers
    67% of retail clients lose money when trading CFDs with this provider.