- The Cardano price is down by over 2% during the ongoing session, as crypto markets started the week in the red.
- ADA had managed to stop its bearish trajectory, managing to stay above the $1 level.
The Cardano price has started the current week on a fairly bearish note, with ADA down by over 2% during the ongoing session, with sellers looking to push the price even lower. ADA had dropped by over 3% on Thursday, falling to $1.04, before recovering on Friday and rising by 0.48%. ADA remained in the green on Saturday, rising to $1.06, before dropping back on Sunday and falling to $1.03. The current session sees ADA continue to drop, with the price currently at $1.01.
Cardano Price Chart Indicates ADA Could Drop To $1
The Cardano price entered the previous weekend on an extremely bearish note, dropping by over 11% on Friday. Saturday saw ADA continue to drop, as the price fell by 4.46% to $1.07, before making a strong recovery on Sunday and ending the weekend at $1.12. Monday saw ADA back in the red, as it fell by over 5% to $1.06 and then dropped by 2.25% on Tuesday to drop to $1.04. Despite the bearish sentiment, ADA registered a fairly strong recovery on Wednesday, rising by 3.36% and settling at $1.07.
Image: ADA/USD daily
After moving to $1.07 on Wednesday, the Cardano price fell back on Thursday, dropping by over 3% and settling at $1.04. However, ADA was able to register a marginal recovery on Friday, rising by 0.48%, and then pushed up by 1.05% on Saturday, rising to $1.06. However, Sunday saw ADA back in the red, as the price fell by 2.26% and ended the weekend at $1.03. The current session sees ADA at $1.01, and with the MACD currently bearish, we could see the price drop further during the ongoing session.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we can see that ADA faces strong resistance at around $1.05. At this price level, over 158,000 addresses have sold more than 4.4 billion ADA.
The 4-hour Cardano price chart shows us that ADA had dropped to $0.98 on the 24th. The price recovered from this level, as it rose to $1.06 before dropping back to $1.01 thanks to the 20-bar SMA. ADA made a strong recovery from this level, rising above the 20-bar SMA and moving to $1.12 on the 26th. However, after reaching this level, ADA fell back below the 20-bar SMA and moved to $1.01. ADA was unable to move back above the 20-bar SMA until the 29th, when it rose to $1.07, after which it pushed past the 50-bar SMA as well. However, ADA turned bearish after reaching $1.07 and slipped back below the 20 and 50-bar SMAs, dropping to its current level of $1.01.
We can see that the Parabolic SAR is currently bearish, and the MACD has flipped to bearish, too, indicating that we could see the price drop further.
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 off significantly over the past couple of sessions. If the current sentiment persists, we could see ADA drop to $1 before recovering.