- The Cardano price is up by almost 6% during the ongoing session, as buyers look to push ADA past $1.
- ADA had a relatively bearish start to the week and had dropped by over 8% on Monday.
The Cardano price is up by almost 6% during the ongoing session, as buyers look to take ADA back above the $1 level. ADA had ended the weekend in the red, dropping by almost 7% on Sunday, falling to $0.93. Monday saw the bearish sentiment persist, as ADA dropped by over 8% to $0.85 before recovering on Tuesday and moving to $0.88. The current session sees ADA at $0.94, with buyers in control.
Cardano Price Chart Indicates ADA Could Move Past $1
The Cardano price started the previous week on a fairly positive note, rising by 0.67% on Monday and then rising by 5.52% on Tuesday, pushing above the 20-day SMA and settling at $1.10. However, the price fell back on Wednesday, dropping back below the 20-day SMA and settling at $1.08. Thursday saw ADA continue to drop, falling by nearly 6% and settling at $1.02, and then dropping below the $1 level on Friday, falling to $0.99.
Image: ADA/USD daily
The Cardano price registered only a marginal increase on Saturday before dropping back on Sunday and settling at $0.93 after a fall of over 6%. ADA continued to drop on Monday, falling over 8% and settling at $0.85 before making a strong recovery on Tuesday, rising by almost 4% and settling at $0.88. The current session sees ADA at $0.94 as buyers look to push the price higher.
We can see that the MACD is currently bearish, but if ADA continues to push higher, we could see them flip to bullish.
IntoTheBlock’s IOMAP for the Cardano price shows that ADA faces strong resistance at around $1.04. At this price level, over 276,000 addresses have sold more than 4.4 billion ADA.
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The 4-hour Cardano price chart shows us that ADA had pushed up to $1.03 on the 18th after a marginal increase. The price fell back from this level, dropping to $0.98 and then to $0.93 on the 21st. ADA was able to recover from this level, rising to $0.97, but the 20-bar SMA was acting as resistance at this level. As a result, ADA fell back considerably and dropped to $0.82 on the 22nd. ADA made a strong recovery from this point and surged past the 20-bar SMA, rising to its current level of $0.94.
We can see that the MACD and Parabolic SAR are both bullish, indicating that we could see the price push higher.
Image: ADA/USD 4-hour
Cardano Price Is Expected To Reach These Levels
The Cardano price chart shows us that ADA has made a fairly strong recovery over the past couple of sessions after a bearish start to the week. If the current sentiment persists, we could see ADA push past $1.
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