Cardano Price Analysis: ADA Continues To Drop, Slips To $1.35 

Daily Cardano ADA Price Forecast

Last Updated December 9th 2021
4 Min Read
  • The Cardano price continued to drop during the current session, dropping to $1.35. 
  • ADA has been extremely bearish over the weekend and had dropped by over 8% on Saturday. 

The Cardano price continued to drop as sellers continued to push the price towards $1.35. ADA had been extremely bearish over the weekend, falling by over 9% on Friday and then by 8.66% on Saturday to settle at $1.42. Sunday saw the price continue to drop, falling to $1.38, before pushing up on Monday and settling at $1.42. However, the price fell back on Tuesday, dropping to $1.38. 

Cardano Price Chart Indicates Buyers And Sellers Looking To Control Current Session 

The Cardano price started the previous week positively, as ADA pushed up marginally. However, the price fell back on Tuesday, falling by 2.99% and settling at $1.55. Wednesday saw ADA register another marginal drop before pushing up by over 11% on Thursday and settling at $1.72. At this level, the 50-day SMA was acting as resistance, and the price dropped significantly on Friday, falling by 9.52% and settling at $1.55.

Image: ADA/USD daily  

ADA/USD daily chart 120921

After dropping to $1.55 on Friday, the Cardano price continued to drop over the weekend, falling by 8.66% on Saturday. Sunday saw ADA continue to drop, falling by almost 3% and settling at $1.38. Despite the bearish sentiment, the price pushed up on Monday, rising by over 3%. ADA fell back on Tuesday, falling by 3.02% and settling at $1.38. The current session sees ADA marginally down as buyers and sellers struggle for control.

We can see that the Parabolic SAR is currently bearish, indicating that we could see the price drop further, although ADA has strong support at around $1.35.

Looking at IntoTheBlock’s IOMAP for the Cardano price, we can see that ADA has strong support at around $1.35. At this price level, over 200,000 addresses have bought more than 4.3 billion ADA.

Image: IntoTheBlock

ADA/USD volume chart 120621

Looking at the 4-hour Cardano price chart, we can see that ADA had pushed up to $1.72 on the 2nd. After rising to this level, the price fell back significantly, dropping below the 20 and 50-bar SMAs and settling at $1.33. ADA pushed up from this level, rising to $1.43, before dropping back to $1.29 on the 6th. ADA recovered from this level as the price rose to $1.45, pushing above the 20-bar SMA, but then fell back to its current level of $1.37.

We can see that the MACD has flipped to bullish, indicating that we could see the price push higher.

Image: ADA/USD 4-hour 

ADA/USD 4-hour chart 120621

Charles Hoskinson Recent AMA Highlights

In a recent AMA session, Cardano founder Charles Hoskinson addressed a pressing issue in the crypto space. Cardano has been subjected to many hateful comments all-around social media, especially since its token ADA began its two-month-long decline. To this end, Hoskinson wants everyone in the crypto industry to start getting along. 

He said:

“The one thing I want for Christmas is for everyone to start getting along in our industry. It’s extraordinary to me that when people are so close in philosophy and viewpoint, and in some cases technology, they can be so far apart as people. It’s extraordinary.”

Hoskinson also addressed the systems that have kept investors against each other for years. He said that the crypto space experiences this more prominent as other industries do not see as much hate between each other as the crypto industry. He added:

“You don’t see this in other industries. You don’t see in physics or biology, or cellphone manufacturing, or whatever, pick an industry, the amount of tribalism, hate, and vitriol that our industry has for each other.”

The founder explained that as long as people keep hating each other, there will be no way to fight the real enemy, which he identified as the legacy systems. He said this system has held down three billion people and will continue to do so. The founder also acknowledged that this will not be easy as there will always be those who try to divide others in the space.

Hoskinson noted that people generally take to social media to spew hatred. 

“That has to stop and the only way it’s going to stop is if we get better systems that are more fair. And the only way we do that, is we have to work together. So, we’ll see, 2022, whether that’s accomplished.”

Cardano Price Is Expected To Reach These Levels 

Looking at the Cardano price chart, we see that ADA has strong support at around $1.35. We could see the price recover from this level and push back towards $1.40.