- The Cardano price is down by over 1% during the ongoing session.
- ADA was quite bullish at the start of the week and had pushed up to $1.19 on Monday.
The Cardano price is down during the current session, as ADA failed to push past the $1.20 level and 50-day SMA. ADA had registered a strong start to the week, rising by nearly 5% on Monday and pushing up to $1.19. However, the price fell back on Tuesday, falling to $1.17, before recovering on Wednesday and rising back to $1.19 before falling back during the ongoing session.
Cardano Price Chart Indicates LINK Could Drop Below $1.17
The Cardano price started the previous week on a reasonably positive note, rising by 1.54% on Monday and then pushing up by over 4% on Tuesday, and rising to $1.09. The price fell back on Wednesday, as it dropped by over 6%, falling to $1.02, before recovering on Thursday, rising by 3.31% and moving to $1.06. On Friday, the price remained bullish, rising by over 7% and moving to $1.14, where the 20-day SMA was acting as resistance.
Image: ADA/USD daily
With the 20-day SMA acting as resistance, the Cardano price fell back on Saturday, dropping by 1.23% and falling to $1.12. The price recovered on Sunday, rising by 1.51% and ending the weekend at $1.14. ADA continued to push higher on Monday, rising by almost 5% and settling at $1.19 before dropping back on Tuesday and falling to $1.17. Wednesday saw ADA recover, rising by 1.44% and moving back to $1.19 before dropping back during the ongoing session.
We can see that the MACD is currently bullish, but we could see it flip to bearish if the price drops.
IntoTheBlock’s IOMAP for the Cardano price shows that ADA has strong support at around $1.05. At this price level, over 328,000 addresses have bought more than 5.6 billion ADA.
The 4-hour Cardano price chart shows us that ADA had pushed up to $1.06 on the 4th, pushing above the 20 and 50-bar SMAs. ADA continued to push higher from this level, as it surged to $1.15, before dropping back and falling to $1.11 on the 5th. ADA continued to drop from this level, registering another marginal drop, before recovering and surging past the 200-bar SMA, pushing to $1.24 on the 8th. The price fell back from this point, dropping below the 200 and 20-bar SMAs and settling at $1.14, before recovering, pushing back above the 20 and 50-bar SMAs and rising to $1.20 on the 9th. ADA turned bearish after reaching this level, falling back below the 20-bar SMA and moving to its current level of $1.17.
We can see that the Parabolic SAR and MACD are currently bearish, 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 considerably during the ongoing session. If the current sentiment persists, we could see ADA drop below $1.17. However, if the price recovers, we could see it push back towards $1.20.