Cardano Price Analysis: ADA Pushes Back To $1.14 After Marginal Recovery 

Daily Cardano ADA Price Forecast

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Last Updated January 12th 2022
4 Min Read
  • The Cardano price is currently up by over 2%, as buyers look to push ADA higher. 
  • ADA has been extremely bearish in recent sessions and had registered a drop of nearly 4% on Monday. 

The Cardano price has pushed up during the current session, as ADA looks to move past $1.15. ADA had registered a sharp drop on Friday, falling by nearly 6% and settling at $1.20. The weekend saw ADA remain in the red, falling by 2.23% on Saturday and dropping by 1.02% on Sunday, ending the weekend at $1.17. The current week started with the bearish sentiment prevailing, as ADA dropped nearly 4% to $1.12 before recovering during the current session. 

Cardano Price Chart Indicates Buyers Trying To Push ADA To $1.15 

The Cardano price started the previous week on an extremely bearish note, dropping by 4.21%, slipping below the 20-day SMA, and settling at $1.32. ADA continued to drop on Tuesday, falling by 0.83%, and then fell by over 6% on Wednesday, dropping to $1.22 as the bearish sentiment persisted. However, despite the bearish sentiment, ADA was able to recover on Thursday, rising by 4.32% and settling at $1.28.

Image: ADA/USD daily  

ADA/USD daily chart 011222

After rising by over 4% on Thursday, the Chainlink price fell back on Friday, dropping by nearly 6% and settling at $1.20. ADA continued to remain bearish over the weekend, falling by 2.23% and settling at $1.18. The price continued to drop on Sunday, ending the weekend at $1.17. AFA continued to fall on Monday, dropping by nearly 4% and settling at $1.12, before recovering during the current session.

We can see that the MACD is currently bullish, indicating that the price could push higher. However, if the price drops, we could see it flip to bearish.

Looking at IntoTheBlock’s IOMAP, we see that ADA faces strong resistance at around $1.26. At this price level, over 200,000 addresses have sold 3.12 billion ADA. ADA also has strong support at around $1.13. At this price level, over 91,000 addresses have bought more than 3.10 billion ADA.

Image: IntoTheBlock

ADA/USD volume chart 011222

The 4-hour Cardano price chart shows that ADA had pushed up to $1.28 on the 6th. However, with the 20-bar SMA acting as resistance, the price fell back to $1.20. ADA was able to stay at this level for a few sessions before registering a marginal increase to $1.23, where the 20-bar SMA acted as resistance. As a result, ADA fell to $1.14 on the 8th. ADA pushed up to $1.18 from this level and then rose to $1.20 on the 9th. However, ADA could not move past this level and dropped to $1.11 before rising to $1.16 and then moving to its current level of $1.14.

We can see that the MACD and Parabolic SAR are both bullish, indicating that the price could rise.

Image: ADA/USD 4-hour 

ADA/USD 4-hour chart 011222

Cardano Foundation Reaches Goal of Planting 1 Million Trees — All Recorded On Blockchain

A reforestation effort launched by Cardano has reached its initial goal of planting one million trees “of different species native to areas across different parts of Madagascar, Indonesia, Nepal, Kenya, Senegal and Haiti.”

Frederik Gregaard, the CEO of the Cardano Foundation, shared the news on Twitter. He said:

"What an achievement! The #CardanoForest is 100% funded, we've reached the 1 million trees milestone. The success of this first Cardano Global Impact Challenge for the Cardano Ecosystem truly shows the power of our community."

The CEO pointed out the reforestation effort will support local ecosystem development activities in Mombasa, Kenya. Every tree planted, he added, will be “recorded on the Cardano blockchain for enhanced transparency and serve as public proof of land restoration activities.”

The project is part of a partnership between the Cardano Foundation and cryptocurrency startup Veritree, which uses blockchain technology to record the supply chain of tree plantations for its users, making them verifiable and easily trackable.

Notably, Veritree plants a tree each time an ADA token is exchanged for a TREE token, with the latter being redeemable for non-fungible tokens (NFTs) during specific “redemption days.” The rarity of the NFTs is based on the initial amount of ADA committed.

Cardano Price Is Expected To Reach These Levels 

Looking at the Cardano price chart, we see that ADA has registered a significant increase during the current season. If buyers remain in control, we could see ADA push to $1.15.