Cardano Technical Analysis: ADA Sandwiched Between Two Crucial Levels

Daily Cardano ADA Price Analysis

Last Updated July 23rd 2021
2 Min Read
  • The Cardano price will flip the parabolic SAR to positive by taking down 50-day SMA.
  • ADA is sandwiched between 20-day and 50-day SMAs.
  • The Cardano price jumped from $1.15 to $1.40 between June 23 and July 2. During this jump, ADA managed to flip the 20-day SMA from resistance to support. However, Cardano then entered a horizontal consolidation phase following this rally.

    Cardano Price Trends Horizontally Below 50-day SMA

    Since July 3, the Cardano price has been hovering between the 20-day and 50-day SMAs around $1.39. The MACD indicates sustained bullish market momentum. Since ADA is currently sandwiched between these crucial levels, don’t expect any wild price swings any time soon.

    Image: ADA/USD daily

    ADA/USD daily chart 070821

    The Cardano price faces crucial resistance at the 50-day SMA ($1.50). Previously, at this level, over 105,000 addresses had purchased nearly 2.75 billion ADA tokens.

    Image: IntoTheBlock

    ADA/USD volume chart 070821

    US Congressman Buys Cardano, DOGE, and ETH

    Alabama Congressman Barry Moore has disclosed that he has been buying Dogecoin, Ether, and Cardano (ADA) in recent months, according to a recent trading disclosure filed with the clerk of the House of Representatives. Specifically, on May 5, Moore bought Ether, followed by three purchases of Cardano on May 10, 11, and 13 before buying Dogecoin on June 13.

    The disclosures did not specify the number of coins purchased but give a range of $1,000-$15,000 for each purchase. He appears to have bought between $5,000 and $75,000 in total.

    The presence of ADA on the balance sheet suggests that he was buying on a crypto exchange, as ADA is not available on mainstream trading platforms with crypto options, like Robinhood or PayPal. 

    Moore's filings are part of disclosure requirements mandated by the "Stop Trading on Congressional Knowledge Act," or STOCK Act. The act requires reporting on trades "not later than 30 days after receiving notification of any transaction required to be reported under section 102(a)(5)(B), but in no case later than 45 days after such transaction."

    Moore is also new to Congress this year and received an extension on the overall report of holdings that members of Congress must produce, meaning any pre-existing holdings are not yet a matter of public record. 

    Cardano Price Is Expected To Reach These Levels

    Te Cardano price needs to flip the 50-day SMA from resistance to support and reverse the parabolic SAR from negative to positive in the process. Following that, ADA will reach the $1.60 resistance.