Cardano Price Analysis: ADA Drops Below $1.50 As Sellers Control Markets Over The Weekend 

Daily Cardano ADA Price Forecast

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Last Updated December 6th 2021
3 Min Read
  • The Cardano price fell by over 9% on Friday, falling to $1.55 
  • ADA has been extremely bearish over the weekend, with the price dropping below $1.50 on Saturday. 

The Cardano price fell back significantly over the weekend, as ADA dropped as part of a marketwide drop. ADA had pushed up to $1.72 on Thursday, rising by over 11%. However, the price fell back on Saturday, falling by over 9% and settling at $1.55. Saturday saw ADA drop further, as it slipped below $1.50 and settled at $1.42. The current session sees ADA still in the red, with sellers looking to push ADA to $1.30. 

Cardano Price Chart Indicates ADA Could Drop To $1.30 

The Cardano price had registered a sharp drop on Friday (26th), falling by over 8% and settling at $1.53. The price recovered over the weekend, pushing up marginally on Saturday, before pushing up by 3.28% and ending the weekend at $1.59. ADA pushed up marginally on Monday, rising to $1.60, before dropping on Tuesday and falling by 2.99% to settle at $1.55. The price remained in the red on Wednesday as well, registering a marginal drop of $0.51%.

Image: ADA/USD daily  

ADA/USD daily chart 120621

The Cardano price pushed up significantly on Thursday, registering an increase of over 11%, and moving up to $1.72. However, the price fell back after reaching this level, registering a drop of almost 10% on Friday and settling at $1.55. ADA continued to drop on Saturday, registering a drop of almost 9% and falling to $1.42. The current session sees ADA down by over 3%, as sellers look to push the price down to $1.30

We can see that the Parabolic SAR is currently bearish, indicating that we could see the price drop further during the ongoing session.

Looking at IntoTheBlock’s IOMAP for the Cardano price, we can see that ADA faces strong resistance at around $1.40. At this price level, over     108,000 addresses have sold more than 3 billion ADA.

Image: IntoTheBlock

ADA/USD volume chart 120621

The 4-hour Cardano price chart shows us that ADA had pushed above the 20-bar SMA on the 29th, rising to $1.59. With the 20-bar SMA now acting as support, ADA could stay at this level for the subsequent sessions before dropping back below the 20-bar SMA on the 1st, falling to $1.53. However, ADA pushed back above the 20 and 50-bar SMAs on the 2nd and rose to $1.72 before dropping back below the 20 and 50-bar SMAs and settling at $1.33. The price pushed up to $1.43 from this level before dropping to its current level of $1.39.

We can see that the MACD is currently bearish, indicating that we could see the price push higher.

Image: ADA/USD 4-hour 

ADA/USD 4-hour chart 120621

Cardano Price Is Expected To Reach These Levels 

Looking at the Cardano price, we see that ADA has been extremely bearish over the weekend. If the current sentiment prevails, we could see ADA drop towards $1.30. However, we could see the price bounce back with strong support at this level.