- The Cardano price pushed up over the weekend, rising to $1.59 on Sunday.
- ADA has been quite bearish lately and slipped by over 8% on Friday.
The Cardano price registered a marginal increase on Thursday, the only increase in an otherwise bearish week. ADA dropped significantly on Friday, dropping by over 8% and settling at $1.53. The weekend saw ADA recover, as it pushed up by 0.70% on Saturday, before moving up by over 3% on Sunday and settling at $1.59. The current session sees ADA back in the red, with the price currently down by over 1%.
Cardano Price Chart Indicates ADA Could Slip To $1.50 If Price Fails To Recover.
The Cardano price started the previous weekend on a bullish note, rising by over 3%, pushing above the 200-day SMA, and settling at $1.92. On Sunday, the price fell back in the red, dropping by 4.55% and settling at $1.83. The bearish sentiment continued, with the price dropping by 3.16% on Monday and settling at $1.77. Tuesday and Wednesday remained bearish, with ADA dropping by 1.54% and 4.82%, respectively, to settle at $1.66 on Wednesday.
Image: ADA/USD daily
After dropping by almost 5% on Wednesday, the Cardano price registered a marginal recovery on Thursday, rising by 0.48%. The price was back in the red on Friday, with sellers pushing ADA down by over 8%, as it slipped to $1.53. Despite the bearish sentiment, the price recovered on Saturday, rising by 0.70% and then by 3.28% on Sunday, ending the weekend at $1.59. The current session sees ADA back in the red, with the price currently down by over 1%.
We can see that the Parabolic SAR is currently bearish, indicating that the price could drop further.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we can see that ADA has strong support at around $1.51. At this price level, over 127,000 addresses have bought more than 2.8 billion ADA. ADA also faces strong resistance at around $1.79. At this price level, over 197,000 addresses have sold 2.2 billion ADA.
Image: IntoTheBlock
The 4-hour Cardano price chart shows us that ADA had dropped below the 20-bar SMA on the 22nd, falling to $1.79. With the 20-bar SMA acting as resistance, ADA continued to drop, falling to $1.62 on the 24th. The price pushed up from this level, rising to $1.72. However, it could not push past the 20-bar SMA and dropped to $1.50. From this price level, ADA pushed up to $1.57 before dropping to $1.48. The price pushed up significantly from this level, pushing above the 20-bar SMA and rising to $1.59. Currently, we can see that the price is at $1.57, and with the MACD currently bullish, we could see the price push up.
Image: ADA/USD 4-hour
Is This Going To Reverse Current Cardano Negative Sentiment?
Earlier, with the implementation of Alonzo hard fork, Cardano launched itself into the mainstream of decentralized services and web3. Recently, a Cardano developer opined on Twitter that the network needs to implement an alternative node as it is “critical for the success of our blockchain.” To this, founder and creator Charles Hoskinson replied:
“Client diversity is critical for the long-term viability of Cardano. I’d love to see a Typescript, Rust, and Haskell client all working together and certified against the formal specifications.”
A client would essentially mean a software application that implements the Cardano specification and communicates over the peer-to-peer network with other Cardano clients.
The Cardano developer also noted that Haskell, Cardano’s native programming language, is “a great choice to implement specs first.” While Haskell is necessary for reliable code implementation, it is particularly significant for implementing the Cardano node client, infrastructure essential to securely verifying blockchain transactions.
A proposal on Cardano’s governance noted the several factors that make alternative node implementation on Cardano necessary. Most importantly, the protocols currently deployed on Cardano’s mainnet have only one implementation in the Haskell language. This has a smaller developer community when compared to other programming languages. This hinders specification verification since the absence of alternative implementation makes it almost impossible to “validate compliance with specifications.”
Finally, the proposal highlighted the risks posed by homogeneous code implementation. This is because a bug in the Haskell codebase can impact the entire network without contributors having the ability to change to different node implementations.
Cardano Price Is Expected To Reach These Levels
Looking at the Cardano price chart, we see that ADA had pushed up over the weekend but finds itself back in the red in the ongoing session. If sellers retain control of the session, we could see ADA drop to around $1.50. However, if the price recovers, the ADA could push towards $1.60.