- The Cardano price continued to drop during the current session as sellers continued to retain control.
- ADA had fallen below the 200-day SMA on Sunday, falling to $1.83.
The Cardano price failed to recover as the new week started in the red, with ADA currently down by over 0.60%. ADA had slipped below the 200-day SMA on Thursday when it fell to $1.78. However, it recovered on Friday, posting an increase of 4.28%, settling just below the 200-day SMA. Saturday saw the price push above the 200-day SMA, settling at $1.92, before dropping by almost 5% on Sunday, slipping back below the 200-day SMA and settling at $1.83.
Cardano Price Chart Indicates ADA Could Drop To $1.80
The Cardano price has been quite bearish over the past couple of weeks and had started the previous weekend in the red, registering a drop of 1.65% on Friday. Saturday saw a marginal increase, but the price fell back on Sunday, dropping to $2.04. The bearish sentiment continued on Monday, as the price dropped below the 20-day SMA after registering a drop of 1.04%. The bearish sentiment persisted on Tuesday, with the price falling by over 7% and settling at $1.87, just above the 200-day SMA. With the 200-day SMA acting as support, ADA could only post a marginal increase on Wednesday before falling back on Thursday.
Image: ADA/USD daily
After registering a marginal increase on Wednesday, the Cardano price fell back in the red on Thursday, as ADA fell by almost 5%, slipping below the 200-day SMA and settling at $1.78. Friday saw the price recover, as ADA pushed up by over 4%, with the price settling at $1.86. The bullish sentiment persisted on Saturday as ADA pushed past the 200-day SMA and settled at $1.92 before falling back on Sunday, slipping below the 200-day SMA and settling at $1.83. The current session sees ADA still in the red as sellers look to push the price below $1.80.
We can see that the MACD is currently bearish, indicating that the price could drop further.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we see that ADA faces strong resistance at around $1.89. At this price level, more than 185,000 addresses have sold over 4.4 billion ADA.
Looking at the 4-hour Cardano price chart, we can see that ADA had slipped below the 20-bar SMA on the 15th, with the price dropping to $1.92 on the 16th. ADA continued to drop from this level, as it fell to $1.82, before recovering and rising to $1.88. However, after reaching this level, ADA fell back in the red and dropped to $1.77. The price pushed up from this level, pushing above the 20-bar SMA and settling at $1.87. With the 20-bar SMA acting as support, ADA was able to stay at this level before pushing up to $1.92, but with the 20-bar 50-bar SMA acting as resistance, the price dropped back to $1.87. After pushing up to $1.92 again, ADA fell back to $1.87 before dropping further and slipping below the 20-bar SMA and dropping to $1.78. Currently, we can see that ADA is at $1.81, with the current session showing buyers in control.
We can see that the Parabolic SAR is bearish, although if the price continues to push up, we could see it flip to bullish.
Image: ADA/USD 4-hour
Cardano Price Is Expected To Reach These Levels
Looking at the Cardano price chart, we see that ADA is currently down by over 1%. If the price continues to drop, we could see ADA fall to $1.80; however, if the price increases, it could settle at around $1.85.