Cardano Technical Analysis: ADA Sits On Top Of $1.30 Support Wall

Daily Cardano ADA Price Analysis

Last Updated July 23rd 2021
2 Min Read
  • The Cardano price will have two more bearish sessions in the TD sequential detector 
  • The MACD is on the verge of switching from bullish to bearish.
  • The Cardano price is sitting on top of healthy support at $1.30. From June 23 and July 4, ADA climbed up from $1.15 to $1.45. Since July 9, Cardano has been hovering horizontally around $1.32 and is stuck between the 20-day SMA and the $1.30 support wall.

    Cardano Price Sandwiched Between 20-day SMA and $1.30 Support

    Since July 5, the Cardano price dropped from $1.46 to $1.31 during which the 20-day SMA flipped from support to resistance. The $1.30 barrier provides strong support and prevents further downtrends. The TD sequential detector indicates that ADA will have two more bearish sessions before flashing the bullish red-nine candlestick.

    Image: ADA/USD daily

    ADA/USD daily chart 071321

    The Cardano price has healthy support at $1.30. Previously, at this level, over 89,000 addresses had purchased nearly 1.5 billion ADA tokens.

    Image: IntoTheBlock

    ADA/USD volume chart 071321

    Cardano founder joins Ethereum Classic Cooperative’s Board of Directors

    As the Ethereum Classic’s Magneto hard fork mainnet launch approaches, the co-operative behind the network’s development announced its decision to include Cardano founder Charles Hoskinson as a member of its Board of Directors.

    Hoskinson was a co-founder of the Ethereum blockchain and has been a strong supporter of Ethereum Classic since the hard fork in 2016. He joined pre-existing members like Digital Currency CEO Barry Silbert, ETC veteran Cody Burns, among others. He had previously served as a member of the ETC Co-operative’s initial advisory board back in 2018. According to a statement released by the ETCC:

    “Charles needs little introduction within the ETC community, given his long-standing support for the ETC ecosystem all the way back to 2016. He laid out IOHK’s first commitments in the immediate aftermath of the DAO fork and the birth of ETC.”

    The IOHK co-founder has been an integral part of ETC’s journey since its birth in 2016. Even the initial commitments of the protocol were penned down by Hoskinson right after the DAO hard fork took place, in which he laid out the vitality of “safety, sustainability, and stability.”

    Further, the development team behind Cardano also formed a team of devs known as The Grothendieck Team, who built a client in 2017 specifically for the ETC community, dispelling the myths associated with it. The Mantis Client aims to bring important integrations and functionalities to the network, bringing it on par with its contemporaries.

    Cardano Price Is Expected To Reach These Levels

    The Cardano price needs to take down the 20-day SMA to reach the $1.40 resistance barrer.

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