Cardano Price Analysis: ADA Drops But Could Stay Above $1 

Daily Cardano ADA Price Forecast

Last Updated January 28th 2022
3 Min Read
  • The Cardano price is currently down by nearly 4%, as ADA slipped back into bearish territory. 
  • ADA had raised hopes of a recovery after it registered a significant rebound of 3.36% on Wednesday. 

The Cardano price is currently down by nearly 4%, as it fell back to $1.04 after pushing up to $1.07 on Wednesday. ADA had started the current week on a fairly bearish note, registering a drop of over 5% and settling at $1.06. ADA continued to drop on Tuesday, falling by 2.25% to $1.04, before making a strong recovery on Wednesday and rising to $1.07. However, the current session sees ADA back in the red, with the price down by nearly 4%. 

Cardano Price Chart Indicates ADA Could Stay Above Crucial $1 Level 

The Cardano price registered a significant increase at the start of the previous week, rising by nearly 14% and moving to $1.60 on Monday. However, ADA fell back on Tuesday, dropping by nearly 9% and settling at $1.45. On Wednesday, the price continued to drop, dropping over 8% and settling at $1.33, and then slipped below the 50 and 20-day SMAs on Thursday, dropping to $1.26. Friday saw the bearish sentiment intensify, as ADA fell by over 11% and settled at $1.12 before dropping further on Saturday and falling to $1.07.

Image: ADA/USD daily  

ADA/USD daily chart 012822

After dropping by 4.46% on Saturday, the Cardano price was able to register a significant recovery on Sunday, rising by over 5% and moving to $1.12. However, ADA was back in the red on Monday, as the price dropped by 5.24% and settled at $1.06. ADA continued to drop on Tuesday, falling by 2.25% before recovering on Wednesday and rising to $1.07 after an increase of 3.36%. The current session sees ADA down by over 2%, with the price currently at $1.04.

We can see that the MACD is currently bearish, indicating that we could see the price drop further.

Looking at IntoTheBlock’s IOMAP for the Cardano price, we can see that ADA has strong support at around $1.04. At this price level, over 146,000 addresses have bought more than 3.6 billion ADA. 

Image: IntoTheBlock 

ADA/USD volume chart 012822

The 4-hour Cardano price chart shows us that ADA had pushed above the 50-bar SMA on the 20th when the price rose to $1.40. However, ADA could not stay at this level and fell back, dropping below the 200 and 50-bar SMAs and settling at $1.20. ADA continued to drop from this level, falling to $1.03 on the 22nd, before recovering and rising to $1.12. At this level, the 20-bar SMA was acting as resistance, and the price fell back, dropping to $0.98. ADA was able to make a fairly strong recovery from this level, rising to $1.05 and then pushing above the 20-bar SMA to $1.12. ADA turned bearish after reaching this level and fell back, slipping below the 20-bar SMA and then moving to its current level of $1.05.

We can see that the MACD and Parabolic SAR are currently bullish, indicating that we could see the price push higher.

Image: ADA/USD 4-hour 

ADA/USD 4-hour chart 012822

Cardano Price Is Expected To Reach These Levels

Looking at the Cardano price chart, we see that ADA has registered a significant drop during the ongoing session. However, the price has managed to push back towards $1.06. If the current sentiment persists, we could see ADA drop below $1.05. However, if ADA manages to recover, we could see ADA push to $1.06.