- The Cardano price has registered a marginal increase during the ongoing session, with ADA back above $1.40
- ADA had registered a sharp drop on Tuesday, falling by over 7%.
The Cardano price has registered a marginal increase during the current session, with ADA back above $1.40. ADA was quite bullish over the weekend, rising by over 4% on Saturday and then registering a marginal increase on Sunday to end the weekend on a positive note. Monday saw ADA continue to push higher, rising by over 4% and settling at $1.51, but fell back on Tuesday, falling by over 7% and settling at $1.39.
Cardano Price Chart Indicates Buyers Looking To Push ADA To $1.45
The Cardano price started the previous week on a slightly bearish note, registering a marginal drop on Monday. The price recovered on Tuesday, as it pushed up by 3.47% and settled at $1.28. Wednesday saw ADA continue to push upwards, as it rose by 3.67% and settled at $1.32, before registering an increase of nearly 11% on Thursday and surging to $1.47. Despite the prevailing bullish sentiment, ADA fell back in the red on Friday, dropping by over 5% and settling at $1.39.
Image: ADA/USD daily
After dropping to $1.39 on Friday, the Cardano price recovered over the weekend, rising by over 4% on Saturday and settling at $1.45. ADA remained in the green on Sunday, managing a marginal increase before rising to $1.51 on Monday, an increase of 4.05%. However, ADA fell drastically on Tuesday, dropping by over 7% and settling at $1.39, before recovering during the ongoing session.
We can see that the Parabolic SAR has just flipped to bullish, indicating that the price could move higher.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we see that ADA faces strong resistance at around $1.43. At this price level, over 170,000 addresses have sold more than 3.4 billion ADA. ADA also has strong support at around $1.27. At this level, over 217,000 addresses have bought over 3.4 billion ADA.
The 4-hour Cardano price chart shows us that ADA had surged to $1.46 on the 23rd, pushing above the 200-bar SMA. The price fell back from this level, dropping back below the 200-bar SMA and settling at $1.39, where the 20-bar SMA came into play as support. As a result, ADA pushed up significantly, pushing back above the 200-bar SMA and settling at $1.45. The price fell back again from this level, dropping to $1.41, before pushing back above the 200-bar SMA and moving to $1.58 on the 27th. The price fell back drastically from this level, dropping back below the 20 and 200-bar SMAs to $1.39 before moving to its current level of $1.41.
We can see that the MACD is currently bearish, indicating that the price could drop further.
Image: ADA/USD 4-hour
Cardano-Powered DEX SundaeSwap Announces Audit Completion
SundaeSwap, a Cardano-based decentralized exchange, has announced that it has conducted a security audit in partnership with Runtime Verification (RV).
The audit has helped to identify several critical issues in the protocol. Its detailed overview will be presented in a separate report that will become available soon.
Pi Lanningham, chief information officer of SundaeSwap Labs, said that the DEX is now capable of meeting community standards:
"RV's thorough process identified a number of issues that we were able to quickly resolve. The result is a DEX that is able to safely meet the needs of the Cardano DeFi Community."
The project will continue working with RV on future updates now that the audit has been completed. The cooperation is "critical" to the exchange's long-term success, according to Lanningham.
SundaeSwap is one of the most prominent projects within the budding DeFi ecosystem on the Cardano blockchain, which is expected to become the blockchain's first functional DEX.
Per previous reports, the Cardano-based DEX launched its testnet in early December. It is now in the process of fixing various inefficiencies ahead of its mainnet debut. In related news, Flickto, a first-ever media launchpad on Cardano, is going to increase its IDO goal due to an unforeseen spike of interest from retail investors.
Cardano Price Is Expected To Reach These Levels
The Cardano price shows us that ADA had registered a sharp drop on Tuesday before pushing back during the current session. ADA will look to test the resistance at $1.43 if the price continues to push higher.