- The Cardano price continued to drop during the current session, with the price currently down by over 4%.
- ADA has been quite bearish since pushing to $2.27 on the 9th, registering a drop of over 7% during the subsequent session.
The Cardano price continued its bearish trend, as the price continued to drop during the current week, with ADA registering a drastic fall during the current session. ADA has been bearish since the previous week, with the price registering a drastic fall on Wednesday, dropping by over 7%, slipping below the 50-day SMA, and settling at $2.10. ADA remained bearish for the rest of the week, as it dropped to $2.04 on Friday. At this level, the 20-day SMA was acting as support; however, ADA slipped below this level by Monday, dropping to $2.01.
Cardano Price Chart Indicates ADA Could Drop Below $1.90
The Cardano price was quite bullish over the previous weekend, as the price pushed up by 1.14% on Saturday and by 0.79% on Saturday to end the weekend at $2.02. Monday saw the bullish sentiment continue as the price pushed up by over 5%, moving above the 20-day SMA and settling at $2.12. ADA pushed up further on Tuesday, as it rose by almost 7%, pushing above the 50-bar SMA and settling at $2.27. However, after reaching this level, the price fell back on Wednesday, dropping by 7.47%, slipping below the 50-day SMA and settling at $2.10.
Image: ADA/USD daily
After dropping to $2.10 on Wednesday, the Cardano price continued to drop, slipping by 0.92% on Thursday and 1.65% on Friday to settle at $2.04. ADA pushed up marginally on Saturday before falling back on Sunday and ending the weekend at $2.04. ADA started the current week on a bearish note as well, as it slipped below the 20-day SMA and settled at $2.01. The current session sees ADA down by almost 5%, with the price also having slipped below $2.
We can see that the Parabolic SAR and MACD have both flipped to bearish, indicating that the price could drop further.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we see that ADA faces strong resistance at $2.05. At this price level, over 385,000 addresses have sold over 5.4 billion ADA.
Looking at the 4-hour Cardano price chart, we can see that ADA turned bearish after pushing up to $2.30, dropping to $2.20. It made a marginal recovery from this level but dropped back, slipping below the 20 and 200-bar SMAs and settling at $2.10. ADA made another marginal recovery from this level before dropping to $2.01, slipping below the 50-bar SMA. The price pushed up from this level, rising to $2,03. However, with the 50-bar SMA acting as resistance, ADA dropped to $2.02. ADA pushed above the 20-bar SMA on the 15th, rising to $2.07, but fell drastically after reaching this level, slipping below the 20-bar SMA and settling at its current level of $1.90.
The Parabolic SAR and MACD have both flipped to bearish, indicating that the price could drop further.
Image: ADA/USD 4-hour
Cardano Is The 2nd Most Active Chain
The ongoing Cardano network development appears to be yielding results, with the cryptocurrency recently emerging among the top active chains over 24 hours. Over the period, Cardano recorded $18.24 billion in transaction volume to rank in the second spot behind Bitcoin, according to data provided by Cardano Daily.
The number one-ranked cryptocurrency recorded a volume of $21.67 billion. Interestingly, Cardano’s volume was double compared to third-placed Ethereum’s $9.31 billion. Bitcoin Cash ranked fourth at $4.5 billion, with Litecoin emerging fifth at $3.4 billion.
The transaction volume data comes after Cardano underwent a smart contract upgrade enabling developers to create apps with advanced capabilities on the blockchain. Notably, Ethereum is the dominant network offering smart contract functionality.
Overall, ADA continues to emerge among the most highly sought-after cryptocurrencies due to its still-relatively low price. The network is accompanied by high-level marketing and the potential of being an “Ethereum killer.”
With increasing use cases, ADA has gained consistently, although Ethereum also continues to surge in value while dominating the decentralized finance and non-fungible tokens (NFTs) sectors. In general, the high transaction volume reflects the growing utility of the Cardano network, with investors projecting sustained future spikes.
Cardano Price Is Expected To Reach These Levels
Looking at the Cardano price chart, we see that ADA has fallen drastically during the current session. If the current sentiment persists, we could see ADA drop to $1.85, where the price could find support.