- The Cardano price has dropped during the ongoing session, thanks to strong resistance at around $1.30.
- ADA had registered a strong increase on Wednesday, with the price rising over 10%.
The Cardano price fell back during the current session, thanks to the 20-day SMA acting as strong resistance at around $1.30. ADA had started the current week in the red, falling by nearly 4% on Monday and settling at $1.12. However, the price made a strong recovery from this level, rising by nearly 6% on Tuesday and surging by over 10% to move to $1.31 on Wednesday. With the 20-day SMA acting as resistance at this level, the price fell back during the current session and is presently down by nearly 2%.
Cardano Price Chart Indicates Sellers Looking To Push ADA Below $1.29
The Cardano price started the previous week on a bearish note, slipping below the 20-day SMA and settling at $1.32. ADA remained in the red on Tuesday, registering a marginal drop, and then fell by over 6% on Wednesday, dropping to $1.22. Despite the overall bearish sentiment, ADA made a strong recovery on Thursday, rising over 4% and settling at $1.28. However, the price was back in the red on Friday, falling by nearly 6% and dropping to $1.20.
Image: ADA/USD daily
The Cardano price remained in the red over the weekend, dropping by 2.23% on Saturday and then registering a marginal drop on Sunday to end the weekend on a bearish note at $1.02. The current week started with the bearish sentiment persisting, with ADA dropping nearly 4% on Monday, dropping to $1.12. However, ADA made a strong recovery on Tuesday, rising by nearly 6% and then pushing up by over 10% on Wednesday to settle at $1.31. At this level, the 20-day SMA was acting as resistance, and as a result, ADA is back in the red during the current session.
We can see that the Parabolic SAR is still 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 $1.24. At this price level, over 265,000 addresses have bought more than 3.9 billion ADA.
The 4-hour Cardano price chart shows us that ADA had registered a sharp drop on the 8th when it fell to $1.14. The price pushed back up from this level, rising to $1.18 and then to $1.20, where the 20-bar SMA was acting as resistance. As a result, the price fell back, dropping to $1.11 on the 10th. ADA surged from this level, as the price rose to $1.16 and then pushed above the 20-bar SMA, rising to $1.22. ADA continued to push from this level and pushed above the 50-bar SMA, rising to $1.31, where the 200-bar SMA was acting as resistance. As a result, ADA fell back, dropping to its current level of $1.29.
We can see that the MACD and Parabolic SAR are currently bullish, indicating that we could see the price push higher.
Image: ADA/USD 4-hour
Cardano Price Is Expected To Reach These Levels
The Cardano price chart shows that ADA has dropped during the current session thanks to the 20-day SMA acting as resistance. If the current sentiment persists, we could see ADA drop below $1.29. However, if ADA can push past the 20-day SMA, we could see the price push towards $1.35.