- The Cardano price fell back significantly during the ongoing session.
- ADA had pushed up over the past couple of sessions, moving to $1.31 on Wednesday.
The Cardano price fell back during the ongoing session, as sellers drove the price down by over 3%. ADA had started the week on a bearish note, registering a fall of over 9% on Monday, falling to $1.22. Tuesday saw the price recover, as ADA rose by 3.59% and settled at $1.26. ADA continued to push higher on Wednesday, as it rose to $1.31, registering an increase of 3.47%, before dropping back during the ongoing session.
Cardano Price Chart Indicates ADA Could Drop To $1.25
The Cardano price started the previous week on a positive note, rising by over 3% on Monday and settling at $1.42. The price fell back on Tuesday, falling by 3.02%, before recovering on Wednesday and moving to $1.39. However, ADA fell back in the red on Thursday, dropping by 7.66% and settling at $1.29. The price continued to drop on Friday, falling by over 6% and settling at $1.21.
Image: ADA/USD daily
After dropping to $1.21 on Friday, the Cardano price recovered over the weekend, rising by almost 12% on Saturday and settling at $1.35. However, ADA fell back in the red on Sunday, registering a marginal drop. ADA fell significantly on Monday, dropping by over 9% and settling at $1.22. After dropping to this level, ADA recovered on Tuesday, rising by 3.59% and settling at $1.26. Wednesday saw another increase, as ADA rose to $1.31 before dropping during the ongoing session.
We can see that the MACD has flipped to bearish, but if the price continues to drop, we could see it flip back to bearish.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we can see that ADA has strong support at around $1.25. At this price level, over 100,000 addresses have bought more than 3.8 billion ADA. ADA also faces strong resistance at $1.28. At this price level, over 170,000 addresses have sold more than 3.2 billion ADA.
Looking at the 4-hour Cardano price chart, we can see that ADA had pushed up to $1.39 on the 12th, pushing above the 50-bar SMA. ADA fell back from this level, dropping back below the 50-bar SMA and dropping to $1.33. The price continued to drop from this level, slipping below the 20-bar SMA and settling at $1.21 on the 14th. The price recovered from this level, as it rose to $1.26, but then fell back to $1.20 on the 15th; ADA made a strong recovery from this level, as it pushed above the 20-bar SMA and settled at $1.29. The price then pushed above the 50-bar SMA, rising to $1.32, before dropping to its current level of $1.25.
We can see that the Parabolic SAR and MACD are bullish, but if the price continues to drop, we could see them flip back to bearish.
Image: ADA/USD 4-hour
Cardano Price Is Expected To Reach These Levels
Looking at the Cardano price chart, we see that ADA has fallen drastically during the ongoing session. If the current sentiment persists, we could see ADA drop to its support level of $1.25.