- The Cardano price fell back during the ongoing session, starting the week on a bearish note.
- ADA had registered a significant increase on Saturday, rising by over 5% and moving to $1.38.
The Cardano price has started the week on a bearish note, as sellers pushed ADA down by nearly 1% and looking to push it lower. ADA had dropped below the 20-day SMA on Friday, falling by nearly 4% and settling at $1.30. ADA made a strong recovery on Saturday, rising by 5.50% and moving to $1.38. However, the price fell back in the red on Sunday, registering a marginal drop, before dropping to $1.36 during the ongoing session.
Cardano Price Chart Indicates 20-Day SMA Could Act As Support
The Cardano price was quite bullish during the previous weekend, rising by over 4% on Saturday and settling at $1.45. ADA remained in the green on Sunday, registering a marginal increase, before pushing up by over 4% again on Monday and settling at $1.51.After reaching this level, ADA registered a drastic fall on Tuesday, falling by nearly 8% and settling at $1.39. On Wednesday, the price continued to drop, falling by nearly 5% and settling at $1.33.
Image: ADA/USD daily
After dropping to $1.33 on Wednesday, the Cardano price was able to register a recovery on Thursday, thanks to the 20-day SMA acting as support. ADA pushed up by over 2% on Thursday but fell back in the red on Friday, dropping by nearly 4% and settling at $1.30. The price recovered on Saturday, registering a rise of 5.50% and moving to $1.38, before falling back in the red on Sunday and registering a marginal drop. The current session sees ADA still in the red, as sellers look to push the price below the 20-day SMA. We can see that the Parabolic SAR is currently bullish, but if the price continues to drop, we could see it flip to bearish.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we can see that ADA has strong support at around $1.34. At this price level, over 295,000 addresses have bought more than 4.9 billion ADA.
Looking at the 4-hour Cardano price chart, we can see that ADA had dropped below the 20-bar SMA on the 28th, falling to $1.40. Here the 200-bar SMA acted as support at ADA was able to stay on this level before slipping below the 200-bar SMA and falling to $1.30 on the 30th. The price pushed back up from this level, rising to $1.36. ADA was able to stay at this level for the subsequent few sessions before dropping to $1.28 on the 31st. The price pushed back up from this level, rising back above the 20-bar SMA on the 1st and moving to $1.37. With the 200-bar SMA acting as resistance at this level, ADA has been unable to move past this level instead of dropping to its current level of $1.36.
We can see that the Parabolic SAR and MACD are both bullish, indicating that we could see the price push higher.
Image: ADA/USD 4-hour
Cardano Price Is Expected To Reach These Levels
Looking at the Cardano price chart, we see that ADA has dropped during the ongoing session. If the price continues to drop, we could see ADA drop to $1.35, where the 20-day SMA could act as support.