- The Cardano price started the current session on a reasonably positive note, pushing up to $1.26.
- ADA had been quite bearish over the previous week and had dropped to $1.21 on Friday.
The Cardano price is looking to put its bearish start to the week behind it, with ADA up by over 2% during the current session. ADA was quite bearish over the previous week but had recovered over the weekend, rising by almost 2% on Saturday and settling at $1.24. The price managed to remain in the green on Sunday after a hugely volatile session but fell back on Monday, dropping by 0.48%. However, the current session has seen a strong recovery, with buyers in control.
Cardano Price Chart Indicates ADA Could Test Resistance At $1.28
The Cardano price started the previous weekend extremely bullishly, rising by over 11% on Saturday. Despite the bullish sentiment, the price fell back on Sunday, registering a marginal drop. Monday saw a bigger drop as ADA dropped by over 9% and settled at $1.22. However, ADA was back in the green on Tuesday, as ADA rose by 3.59% and settled at $1.26 before another increase of 3.47% on Wednesday saw ADA push to $1.31.
Image: ADA/USD daily
After rising to $1.31 on Wednesday, the Chainlink price dropped on Thursday, falling by over 5% and settling at $1.24. The price continued to drop on Friday, falling by 1.69% and settling at $1.21. The weekend saw ADA recover, as the price rose by 1.97% on Saturday and settled at $1.24 before registering a marginal increase on Sunday to end the weekend on a positive note. ADA fell back on Monday, dropping by 0.48%, but has made a strong recovery during the ongoing session, with the price up to $1.26.
We can see that the Parabolic SAR is currently bearish, but if the price continues to push higher, we could see it flip to bullish.
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 190,000 addresses have bought more than 4.6 billion ADA. ADA also faces strong resistance at around $1.28. At this price level, over 235,000 addresses have sold over 3.9 billion ADA.
Image: IntoTheBlock
Looking at the 4-hour Cardano price chart, we can see that ADA had risen to $1.29 on the 15th, rising above the 20-bar SMA. The price continued to push from this level, as it rose above the 50-bar SMA and settled at $1.32. The price fell back from this level, slipping below the 50-bar SMA and the 20-bar SMA to settle at $1.21 on the 18th. From this level, ADA pushed up to $1.23 but could not move above the 20-bar SMA until the 19th, when the price surged to $1.29, pushing above the 20 and 50-bar SMAs. However, ADA fell back in the red from this level, slipping back below the 20 and 50-bar SMAs and settling at $1.21. ADA rose again from this level, moving back above the 20 and 50-bar SMAs and settled at its current level of $1.26.
We can see that the MACD has flipped to bullish, indicating that we could see the price rise further.
Image: ADA/USD 4-hour
Flexa Adds Support For ADA
Payment company Flexa recently announced that as part of its “25 Days of Flexa” campaign, it has decided to launch support for ADA, the native token of the Cardano network, meaning that ADA can now be used to make payments at over 40,000 locations in the U.S.
Flexa claims to “provide merchants and developers with simple integrations for digital currency acceptance that are fast, affordable, and completely fraud-proof.” It says that it is “the first network to offer transactions that are 100% digitally secured from source to settlement” and that “unlike a traditional bank or payment card transaction, Flexa payments don’t involve sending any sensitive customer account information through the network.”
Rather, each Flexa transaction starts and ends with a unique, digital authorization code that can’t be decrypted or reversed.” Since Flexa integrates directly with merchants’ existing payment hardware and software stack, there’s no need “to purchase any additional equipment.”
Earlier, Regal, “a subsidiary of Cineworld Group and the operator of one of the largest and most geographically diverse theatre circuits in the United States,” announced that it had “partnered with Flexa. Trevor Filter, the co-founder of Flexa, added:
“Flexa is committed to helping merchants enable easier, faster, and safer payment options for their customers, and that’s just one of the reasons we’re incredibly proud to work with Regal, whose dedication to creating an enjoyable and widely accessible cinematic experience for their loyal patrons is second to none."
Cardano Price Is Expected To Reach These Levels
Looking at the Cardano price chart, we see that ADA has recovered during the current session. If the current sentiment persists, we could see ADA test the resistance at $1.28. However, we could also see ADA drop marginally and settle at around $1.25.