- The Cardano price is currently up by nearly 2%, rising to $1.05 during the ongoing session.
- ADA had been extremely bearish during the past few sessions and had registered a drop of over 11% on Friday.
The Cardano price started the current session on a fairly positive note, as ADA is currently up by nearly 2%, with the price moving above $1.05. ADA had ended the weekend on a fairly positive note, rising by just over 5% and settling at $1.12. The price fell back on Monday, dropping by 5.24% and settling at $1.06, before registering another drop on Tuesday and falling to $1.04. The current session sees ADA hover between $1.05 and $1.06.
Cardano Price Chart Indicates ADA Could Inch Towards $1.10
The Cardano price had started the previous week on an extremely bullish note, rising by 13.53% on Monday and settling at $1.60. However, the price fell back on Tuesday, registering a drop of almost 9% and then falling a further 8.29% on Wednesday to settle at $1.33. ADA continued to drop on Thursday, slipping below the 20 and 50-day SMAs and settling at $1.26 after registering a fall of nearly 6%. Friday saw the bearish sentiment intensify, as ADA fell by nearly 11% and settled at $1.12.
Image: ADA/USD daily
The Cardano price remained in the red on Saturday, registering a sharp fall of 4.46% and dropping to $1.07. However, the price made a strong recovery on Sunday, rising by over 5% and moving to $1.12. ADA was back in the red as the week began, falling by 5.24% on Monday and dropping to $1.06 before a drop of 2.25% on Tuesday saw the price drop to $1.04. The current session finds ADA back in the green and is currently at $1.06.
We can see that the MACD is currently bearish, but if ADA is able to push higher, we could see it flip to bullish.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we can see that ADA faces strong support at around $1.04. At this price level, over 136,000 addresses have bought 2.4 billion ADA.
Image: IntoTheBlock
The 4-hour Cardano price chart shows us that ADA had pushed above the 50-bar SMA on the 20th when it rose to $1.40. However, the price fell back after reaching this level, slipping below the 200 and 50-bar SMAs and settling at $1.20. ADA continued to drop from this level and fell to $1.03 on the 22nd before recovering and rising to $1.12 on the 24th. However, with the 20-bar SMA acting as resistance at this level, the price fell back, dropping to $0.98, before rising to $1.06. With the 20-bar SMA acting as resistance, ADA was unable to move past the 20-bar SMA until the current session, as buyers look to push ADA towards $1.08.
We can see that the Parabolic SAR is currently bearish, indicating that the price could drop. However, if ADA continues to push higher, we could see it flip to bullish.
Image: ADA/USD 4-hour
Cardano Price Is Expected To Reach These Levels
Looking at the Cardano price chart, we can see that ADA has made a fairly strong recovery during the ongoing session. If the current sentiment persists, we could see ADA push to $1.10.