- The Cardano price dropped by over 2%, after rising by over 4% on Saturday.
- ADA has been quite bearish over the past week and had dropped by almost 5% on Thursday.
The Cardano price slipped below $1.90 during the current session, as sellers pushed the price down by over 2% during the current session. ADA had registered a sharp drop on Thursday, as the price dropped to $1.78, slipping below the 200-day SMA. The price recovered on Friday and rose to $1.86, an increase of over 4%. Saturday saw the price continue to increase, as ADA pushed above the 200-day SMA and settled at $1.92. However, the price was back in the red on Sunday, with ADA currently down by over 2.50%.
Cardano Price Chart Indicates ADA Could Drop to $1.80
The Cardano price was quite bearish over the previous week and started the weekend in the same vein, dropping by 1.65% on Friday and settling at $2.04. The price pushed up marginally on Saturday but fell back in the red on Sunday, registering a drop of 0.57%. The bearish sentiment persisted on Monday, as ADA slipped below the 20-day SMA and settled at $2.01 before falling by over 7% on Tuesday and falling to $1.87. At this level, the 200-day SMA acted as support, and as a result. ADA pushed up marginally on Wednesday.
Image: ADA/USD daily
After a marginal increase on Wednesday, the Cardano price fell back into the red on Thursday, as it slipped below the 200-day SMA and settled at $1.78. However, the price quickly recovered on Friday, as it pushed back by 4.28% and settled at $1.86. The weekend started on a bullish note for ADA, as it moved past the 200-day SMA and settled $1.92 before falling back into the red on Sunday, with the price currently at $1.87.
Looking at the Parabolic SAR, we can see that it is still bearish, indicating that the price could drop further during the current session.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we see that ADA faces strong resistance at around $1.91. At this price level, over 125,000 addresses have sold more than 3.3 billion ADA. ADA also has support at $1.80, where over 98,000 addresses have bought more than 2.4 billion ADA.
Image: IntoTheBlock
The 4-hour Cardano price chart shows us that ADA had dropped below the 20-bar SMA on the 15th when the price slipped to $2.03. ADA continued to drop from this level, with the price falling to $1.82. ADA recovered from this level, pushing up to $1.88, but fell back into the red as it dropped to $1.77. ADA made a strong recovery from this level, as the price surged past the 20-bar SMA and settled at $1.86. With the 20-bar SMA acting as support, ADA maintained this level before rising to $1.92 on the 20th. However, with the 50-bar SMA acting as resistance, the price dropped to $1.87 before rising to $1.92. However, ADA was unable to push past the 50-bar SMA and dropped back to its current level of 1.87.
We can see that the MACD is currently bullish. However, the Parabolic SAR has just flipped to bearish, indicating that ADA could drop. If the price does drop, we could see the MACD also flip to bearish.
Image: ADA/USD 4-hour
Cardano Founder: There Are Bigger Things At Stake
Cardano founder Charles Hoskinson recently reiterated the importance of fundamentals over short-term price action. Instead of focusing on price, Hoskinson called on those who are panicking over the sell-off to “calm down,” and “chill out,” implying there’s a bigger picture in play here.
“Lately, I’ve seen an unusually high number of people that are obsessed with price, or they say stuff like, “oh well, everything is failing, the sky is falling.” And there seems to be an utter lack of perspective.”
Specifically, the IOHK boss was addressing newcomers, who typically do not see the long-term vision of what cryptocurrency will do in the coming years. Explaining further, Hoskinson distilled this down to opting out of a fundamentally broken legacy system. Saying it is happening now at the nation-state level, citing El Salvador, with more to come, as examples of this.
Hoskinson singled out Dogecoin and Shiba Inu as examples of erratic price discovery. He added that neither has any real utility outside of a social network aspect. While some say this is enough to justify the price, Hoskinson disagrees. Instead, as an old-school thinker, he pointed to real fundamentals making a real-world impact as the way forward.
Tied with this is what Cardano is working on developing now across scalability optimization and governance. This, over the long term, puts Cardano in a solid position to be “the backend of many nation states.” Hoskinson envisions the chain running billions of transactions daily, managing national elections, acting as a property register for nation-states, and as the backbone for the identity systems of the future.
He added that all of this will converge at some future point, making Cardano “the biggest preserver of human rights the world has seen.”
Cardano Price Is Expected To Reach These Levels
Looking at the Cardano price chart, we see that ADA has registered a significant drop during the current session. If the current sentiment persists, we could see ADA drop to $1.80.