- The Cardano price has endured an extremely bearish week, with the price down to $1.66 on Wednesday.
- The current session sees buyers and sellers struggling for control.
The Cardano price is struggling to recover during the current session, with the price is presently up only marginally. ADA has been bearish all week, starting with a drop of over 3% on Monday. Tuesday saw the price fall by a further 1.54%, as the price dropped to $1.75. On Wednesday, a bigger fall of almost 5% saw ADA drop to $1.66, with the price only marginally up on Thursday.
Cardano Price Chart Indicates Buyer And Sellers Struggling For Control
The Cardano started the previous week in the red, as it dropped by 1.04% on Monday, slipping just below the 20-day SMA. Tuesday saw the price fall by over 7%, as it dropped to $1.87. The 200-day SMA was acting as support at this level, but ADA could only post a marginal recovery on Wednesday. ADA slipped below the 200-day SMA on Thursday, falling by 4.74% and settling at $1.78. The price pushed back up on Friday, as it rose to $1.86 after rising by over 4%.
Image: ADA/USD daily
After rising to $1.78 on Friday, the Cardano price pushed up to $1.92 on Saturday, pushing above the 200-day SMA. However, the price fell back on Sunday, dropping by 4.55%, slipping below the 200-day SMA and settling at $1.83. The current week saw the bearish sentiment continue, as ADA fell by 3.16% on Monday and 1.54% on Tuesday to settle at $1.75. Wednesday saw a more significant drop, with ADA falling by almost 5%, as it settled at $1.66. The current session sees ADA in the red as buyers and sellers struggle to take control of the session.
We can see that the MACD is currently very bearish, indicating that we could see the price drop further.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we see that ADA faces strong resistance at around $1.68. At this price level, over 242,000 addresses have sold more than 3.9 billion ADA.
Looking at the 4-hour Cardano price chart, we see that ADA dropped to $1.77 on the 19th. After dropping to this level, ADA made a strong recovery, as the price rose to $1.87, pushing above the 20-bar SMA. With the 20-bar SMA now acting as support, ADA maintained this price level for the next few sessions before pushing to $1.92 on the 20th. However, with the 50-bar SMA acting as resistance at this price level, ADA fell to $1.87 and then slipped below the 20-bar SMA, dropping to $1.79. ADA remained bearish as the price dropped further, falling to $1.67 and then $1.62, before rising to its current level of $1.66.
We can see that the Parabolic SAR is currently bearish, indicating that the price could drop further.
Image: ADA/USD 4-hour
Cardano Price Is Expected To Reach These Levels
Looking at the Cardano price chart, we see that ADA has still not recovered during the current session. If the current bearish sentiment persists, we could see ADA drop to $1.60.