Cardano Price Prediction: ADA Fails To Push Past $0.90, Drops Back In The Red 

Daily Cardano ADA Technical Analysis

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Last Updated February 28th 2022
3 Min Read
  • The Cardano price is marginally down during the ongoing session, as sellers pushed ADA down over the weekend. 
  • ADA had registered a fairly strong increase on Friday, rising by over 5% and settling at $0.89. 

The Cardano price failed to move to $0.90 despite a strong increase on Friday, dropping back in the red over the weekend, with ADA currently at $0.88. ADA had registered a drop of 2.48% on Wednesday, falling to $0.86. Thursday saw a highly volatile session, with the price dropping by 1.39%, falling to $0.85. Despite the bearish sentiment, ADA recovered on Friday, rising by 5.27%, rising to $0.89, before dropping back over the weekend, registering a marginal drop of 1.22% on Saturday. The current session sees ADA at $0.88, with buyers and sellers struggling to take control. 

Cardano Price Chart Indicates Buyers And Sellers Struggling To Establish Control  

The Cardano price entered the previous weekend on a bearish note, registering a drop of 2.45% on Friday, slipping below the $1 level and settling at $0.99. ADA was able to register a marginal recovery on Saturday before dropping back on Sunday, falling by almost 7% and settling at $0.93. The bearish sentiment persisted on Monday, as ADA dropped by over 8%, falling to $0.85, before recovering on Tuesday, pushing up by 3.62% and moving to $0.88.

Image: ADA/USD daily  

ADA/USD daily chart 022822

After pushing to $0.88 on Tuesday, the Cardano price fell back in the red on Wednesday, dropping by 2.48% and falling to $0.86. Thursday saw a highly volatile session, after which ADA dropped to $0.85 before registering a strong recovery on Friday, pushing up by over 5% and moving to $0.89. Despite the strong recovery, ADA fell back in the red over the weekend, falling by 1.22% on Saturday and marginally down during the ongoing session.

We can see that the MACD is currently bearish, but if ADA can recover and push higher, we could see it flip to bullish.

IntoTheBlock’s IOMAP for the Cardano price shows that ADA has strong support at around $0.86. At this price level, over 57,000 addresses have bought more than 1.9 billion ADA. ADA also faces strong resistance at around $1, where over 56,000 addresses have sold more than 1.7 billion ADA.

More On Cardano: Is Cardano A Good Investment And Can You Profit On ADA?

Image: IntoTheBlock

ADA/USD volume chart 022822

Looking at the 4-hour Cardano price chart, we can see that ADA had registered a sharp drop on the 22nd, falling to $0.82. The price made a strong recovery from this level, pushing above the 20-bar SMA and moving to $0.93. However, the price fell back in the red after reaching this level, as ADA fell back below the 20-bar SMA, falling to $0.76 on the 24th. ADA was able to recover from this point, rising to $0.85, where the 20-bar SMA acted as resistance. However, ADA pushed past this level, rising to $0.91 on the 26th. At this level, the 50-bar SMA was acting as resistance, and the price fell back, dropping t0 $0.86 before rising to its current level of $0.88.

We can see that the Parabolic SAR and MACD are bullish, indicating that we could see the price push higher.

Image: ADA/USD 4-hour 

ADA/USD 4-hour chart 022822

Cardano Price Is Expected To Reach These Levels

Looking at the Cardano price chart, we can see that ADA has dropped over the past couple of sessions, although the price has clawed back lost ground during the current session. If ADA continues to push higher, we could see it recover and cross $0.90.

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