- The Cardano price fell back during the ongoing session and is currently down by over 1%.
- ADA had a fairly strong start to the week and had pushed up by over 5% on Tuesday.
The Cardano price fell back in the red during the current session, as sellers pushed the price down below $1.10. ADA had ended the weekend on a fairly bearish note, dropping by nearly 3% and falling to $1.04. Monday saw ADA recover, registering a marginal increase before pushing up by 5.52% on Tuesday and pushing above the 20-day SMA before dropping back during the ongoing session.
Cardano Price Chart Indicates Buyers And Sellers Struggling To Establish Control
The Cardano price was in the red during the start of the previous weekend, dropping by 1.23% on Saturday before recovering on Sunday, pushing past the 20-day SMA and settling at $1.14. Monday saw ADA remain bullish, as the price pushed up to $1.19 after an increase of almost 5% before falling back on Tuesday, dropping by nearly 2% to $1.17. ADA recovered on Wednesday, rising by 1.61%, before dropping back in the red on Thursday, falling by over 3% and dropping to $1.15.
Image: ADA/USD daily
The Cardano price remained bearish on Friday, dropping by nearly 6%, slipping below the 20-day SMA, and falling to $1.09. The weekend saw ADA remain in the red, as it dropped by 1.74% on Saturday and then by nearly 3% on Sunday to end the weekend at $1.04. Despite the bearish sentiment, ADA recovered on Monday, registering a marginal increase on Monday, rising by 0.67%. ADA registered a fairly substantial increase on Tuesday, rising by 5.52%, moving to $1.10 after pushing past the 20-day SMA, before dropping back during the current session.
We can see that the MACD is bullish, indicating that we could see the price recover.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we can see that ADA has strong support at around $1.05. At this price level, over 339,000 addresses have bought more than 7 billion ADA.
The 4-hour Cardano price chart shows us that ADA had pushed up to $1.21 on the 10th. After reaching this level, the price fell back, dropping below the 20 and 200-bar SMAs and falling to $1.14. At this price level, the 50-bar SMA was acting as support, and ADA registered a marginal recovery, rising to $1.15, before dropping below the 50-bar SMA and falling to $1.11 on the 11th. ADA continued to drop from this level, falling to $1.06 on the 12th and $1.03 on the 14th. The price made a fairly strong recovery from this level, rising to $1.05 and then pushing past the 20-bar SMA and rising to its current level of $1.10.
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 back during the ongoing session. If sellers maintain the current bearish sentiment, ADA could slip towards $1.05. However, if the price recovers, we could see the price push back above $1.10 and move towards $1.11.