Cardano Price Analysis: ADA Looks To Consolidate Above $1.05 

Daily Cardano ADA Price Forecast

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Last Updated February 2nd 2022
3 Min Read
  • The Cardano price is up marginally during the ongoing session, as buyers look to push ADA higher. 
  • ADA has started the week on a fairly positive note after ending the weekend in the red at $1.03. 

The Cardano price managed to stay above $1.05 during the ongoing session, as buyers look to push ADA higher. ADA had registered a marginal increase on Friday, rising by 0.48% and then pushing up by over 1% on Saturday, rising to $1.06. However, Sunday saw ADA back in the red, as the price dropped by over 2% and ended the weekend at $1.03. ADA was back in the green on Monday, as the price rose by 1.54%, moving to $1.05 and then registering a marginal increase during the current session. 

Cardano Price Chart Indicates ADA Could Settle Above $1.05 

The Cardano price was extremely bearish over the previous weekend, dropping by over 11% on Friday and then falling by over 4% on Saturday, dropping to $1.07. ADA recovered on Sunday despite the bearish sentiment, rising over 5% and ending Sunday at $1.12. Monday saw ADA fall back in the red, dropping over 5% to $1.06 and then falling to $1.04 on Tuesday, a fall of 2.25%. However, ADA was back in the green on Wednesday, rising by over 3% and settling at $1.07.

Image: ADA/USD daily  

ADA/USD daily chart 020222

After rising by over 3% on Wednesday, the Cardano price fell back on Thursday, dropping by 3.15% and settling at $1.04. However, ADA recovered on Friday, rising by 0.48% and then pushing up by over 1% on Saturday, moving to $1.06. On Sunday, the price fell back in the red, ending the weekend at $1.03, before recovering on Monday, rising by 1.54% and settling at $1.05. The current session sees ADA marginally up, as buyers look to push ADA above $1.05.

We can see that the MACD is currently bearish, but if ADA continues to push higher, we could see it flip to bullish.

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 341,000 addresses have bought more than 7.6 billion ADA.

Image: IntoTheBlock 

ADA/USD volume chart 020222

Looking at the 4-hour Cardano price chart, we see that ADA pushed up to $1.05 on the 25th. ADA continued to push higher from this level, moving above the 20-bar SMA and rising to $1.12 on the 26th. However, the price fell back after reaching this level, as it dropped back below the 20-bar SMA and dropped to $1.01. ADA recovered from this level, rising to $1.05 but could not push past the 20-bar SMA and fell back to $1.02 on the 28th. ADA recovered from this level, pushing above the 20 and 50-bar SMAs and rising to $1.07, but fell back below the two SMAs, dropping to $1.02. ADA was able to make another recovery from this level, as it pushed back above the 20 and 50-bar SMAs, moving to its current level of $1.05.

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

Image: ADA/USD 4-hour 

ADA/USD 4-hour chart 020222

Cardano Price Is Expected To Reach These Levels

Looking at the Cardano price chart, we can see that ADA has moved above $1.05, with the price marginally down at the time of writing as buyers and sellers struggle to establish control. If sellers retain the session, we could see ADA slip below $1.05. However, if the price recovers, ADA could push towards $1.06.