- The Cardano price registered a marginal drop during the ongoing session.
- ADA had pushed up to $1.31 on Wednesday, rising by over 3%.
The Cardano price registered a marginal drop during the ongoing session, as sellers managed to push ADA below $1.30. ADA had started the week on a very bearish note, with the price dropping by over 9% on Monday. However, the price recovered on Tuesday, rising by 3.52% and settling at $1.26. Wednesday saw another increase as ADA moved above $1.30 to $1.31 before dropping back during the ongoing session.
Cardano Price Chart Indicates ADA Could Drop To $1.28
The Cardano price started the previous week on a fairly positive note, rising by 3.24% on Monday and settling at $1.42. However, ADA fell back on Tuesday, falling by 3.24%, and then rose by 1.27% on Wednesday to settle at $1.39. ADA saw a significant drop on Thursday, as the price dropped by over 7%, settling at $1.29 before another drop on Friday saw ADA fall to $1.21 after registering a decline of over 6%.
Image: ADA/USD daily
After dropping to $1.21 on Friday, the Cardano price pushed up over the weekend, rising by over 11% on Saturday and settling at $1.35. However, the price fell back on Sunday, registering a marginal drop, before dropping by over 9% on Monday and settling at $1.22. The price recovered on Tuesday, as ADA rose by 3.59% and moved up to $1.26. On Wednesday, the price continued to push up, rising to $1.31, before dropping back during the ongoing session.
We can see that the MACD has flipped to bullish; however, if the price continues to drop, we could see it flip back to bearish.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we can see that ADA has strong support at around $1.28. At this price level, over 215,000 addresses have bought over 4 billion ADA.
Image: IntoTheBlock
Looking at the 4-hour Cardano price chart, we see that ADA dropped to $1.21 on the 11th. The price significantly recovered from this level, as it rose to $1.39, pushing above the 20 and 50-bar SMAs. The price could not stay at this level, slipping below the 50-bar SMA on the 13th, dropping to $1.30, and then slipping below the 20-bar SMA, dropping to $1.22. ADA pushed up to $1.26 but fell back to $1.20 before rising to its current level of $1.29.
We can see that the MACD and Parabolic SAR have both flipped to bullish, indicating a price increase, but if ADA continues to drop, we could see them flip back to bearish.
Image: ADA/USD 4-hour
Cardano Price Is Expected To Reach These Levels
Looking at the Cardano price chart, we see that ADA has registered a drop during the ongoing session. If the current sentiment persists, we could see ADA drop to its support level of $1.28.