- The Cardano price is currently in the red, as sellers look to push ADA to $1.40
- ADA has been quite bullish during the week and had pushed up by nearly 11% on Thursday.
The Cardano price registered a marginal drop during the current session, with ADA down by a little over 1% at the time of writing. ADA had been quite bullish earlier and had registered an increase of 1.099% on Thursday, rising to $1.47. The price fell back on Friday, dropping by over 5% and settling at $1.39. The weekend saw ADA back in the green, rising by over 4% and settling at $1.45 before falling back during the current session.
Cardano Price Chart Indicates ADA Could Drop To $1.40
The Cardano price was in the red going into the previous weekend, dropping by 1.61% on Friday. ADA recovered over the weekend, rising by nearly 2% on Saturday and then registering a marginal increase on Sunday to end the weekend at $1.24. Monday saw ADA register a marginal drop before rising by 3.47% on Tuesday and settling at $1.28. ADA continued to push up on Wednesday, rising by 3.67% and settling at $1.32.
Image: ADA/USD daily
After settling at $1.32 on Wednesday, the Cardano price registered a significant increase on Thursday, rising by nearly 11%, moving above the 20-day SMA and settling at $1.47. The price fell back on Friday, falling by 5.43% and dropping to $1.39, before rising by over 4% on Saturday and settling at $1.45. The current session sees ADA back in the red, as sellers look to push the price to $1.40.
We can see that the Parabolic SAR is currently bearish, indicating that the price could drop further.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we can see that ADA has strong support at around $1.24. At this price level, over 220,000 addresses have bought more than 4.5 billion ADA.
The 4-hour Cardano price chart shows us that ADA had dropped to $1.21 on the 20th. The price pushed up significantly from this level, going above the 20 and 50-bar SMAs, and moved to $1.28 on the 22nd. After reaching this level, ADA remained bullish as the price rose to $1.35. ADA was able to stay at this level for the next few sessions before surging over the 200-bar SMA and settling at $1.47 on the 24th. The price fell back from this level, dropping to $1.39 and going back below the 200-bar SMA. The 20-bar SMA acted as support at this level, and ADA pushed back above the 200-bar SMA to $1.45 before dropping to $1.41. From here, ADA moved to its current level of $1.42.
We can see that the MACD and Parabolic SAR are both bearish, indicating that the price could drop further.
Image: ADA/USD 4-hour
Cardano-Based Stablecoin Djed Latest Updates
Cardano founder Charles Hoskinson recently took to Twitter to share an update from COTI, whose devs are building Djed stablecoin together with IOG on Cardano.
A tweet from COTI read:
"As we are getting closer to the launch of Djed stablecoin, we are pleased to share some updates on the development and progress of:
*The current Djed Plutus Implementation
Hoskinson shared this tweet and said:
"Glad to see Coti making great progress with Djed"
The COTI dev team unveiled details on the present implementation of Cardano’s Plutus for Djed. They are working on main contracts that will help provide oracle exchange rates, enable users to submit multiple orders simultaneously, cancel pending orders, etc. The developers are currently testing this implementation.
According to them, a pre-released version will be delivered over the next several days for UI integration. Djed is a stablecoin that will utilize smart contracts to maintain a base coin reserve in an autonomous bank that will also operate using smart contracts. This will allow users to trade stablecoins and use them for DeFi-based transactions.
Djed will be first pegged to the USD but be compatible with other traditional currencies. IOG promotes Djed as the first stablecoin that is “formally verified.”
Cardano Price Is Expected To Reach These Levels
The Cardano price chart shows that ADA has registered a reasonably significant drop during the current session. If the current bearish sentiment persists, ADA could drop to $1.40.