Cardano Technical Analysis: ADA Kees Trudging Along Below $1.20
Daily Cardano ADA Price Analysis
- Cardano price has been moving below $1.21 and $1.16 since March 27.
- The MACD shows sustained bearish market momentum.
The Cardano price has been moving along horizontally since March 27, moving between $1.21 and $1.16 in a narrow $0.050 range. However, it seems like this horizontal trend is going to continue. Don’t believe us? Check the technical analysis.
Cardano Price Has Been Moving Along In A Narrow $0.050-Range
Looking at the daily Cardano price chart, we can see that downside is properly protected by the 50-0day SMA. ADA managed to flip the 20-day SMA from resistance to support, but it faces a solid block of resistance around $1.24. The MACD shows sustained bearish momentum, while the relative strength index (RSI) tells us that the buyers and sellers are cancelling each other out.
Image: ADA/USD daily
Looking at Into The Block’s IOMAP, we can see that the support provided by the 20-day SMA ($1.90) is really robust. Previously, at this level, 195,000 addresses had purhcased almost 5 billion ADA token s.
Cardano Institutional Interest On The Rise
Cardano has garnered significant demand and attention in recent times. According to a Zcrypto report, many surveys have revealed that around 30% of the overall respondents are bullish about Cardano, while only 20% of them chose Bitcoin.
The survey reports also indicated that Cardano had experienced an all-time high trading volume of $20 billion in February 2021. This caused Cardano to temporarily become the fourth biggest crypto asset by market capitalization before it dropped back to the sixth position.
Voyager CEO Steve Ehrlich said that the world of digital trading and cryptocurrency requires the passion and enthusiasm of Cardano. Ehrlich is therefore looking forward to seeing how other digital assets respond and innovate.
One particular investor had reportedly utilized a $1,200 stimulus check on ADA and had managed to earn over $40,000 as part of their overall investment. Cardano has a steady supply of both popularity and interest. However, numerous venture funds feel that ADA has a long way to go when compared to Bitcoin.
Cardano Price is Expected To Reach These Levels
Like we said before, the Cardano price is likely going to keep trending horizontally around $1.20.