- The Cardano price is currently down by nearly 5% during the ongoing session.
- ADA has been extremely bearish in recent sessions and had dropped by nearly 6% on Friday.
The Cardano price has registered a sharp drop during the ongoing session, as sellers look to push the price below $1.10. ADA had registered a drop of nearly 6% on Friday, dropping to $1.20. The weekend saw ADA remain in the red, dropping by 2.23% on Saturday and settling at $1.18. The price continued to fall on Sunday, ending the weekend at $1.17. The current session sees ADA down by nearly 5%.
Cardano Price Chart Shows Sellers In Control
The Cardano price started the previous weekend in the green, pushing above the 20-day SMA on Saturday and settling at $1.37. On Sunday, the price fell back, registering a marginal drop and ending the weekend on a bearish note. ADA continued to drop on Monday, falling by over 4%, slipping below the 20-day SMA and settling at $1.32. Tuesday saw ADA remain in the red, falling by 0.83%. ADA continued to drop on Wednesday, falling by over 6% and settling at $1.22.
Image: ADA/USD daily
Despite the prevailing bearish sentiment, the Cardano price registered a recovery on Thursday, rising by 4.32% and settling at $1.28. However, the price fell back in the red on Friday, falling by nearly 6% and settling at $1.20. The price continued to drop over the weekend, as ADA fell by 2.23% on Saturday and then dropped by 1.02% on Sunday to end the weekend at $1.17. The current week started on a bearish note as well, with ADA currently down by over 4%.
We can see that the Parabolic SAR is currently 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 around $1.27. At this price level, over 205,000 addresses have sold over 3.2 billion ADA.
Looking at the 4-hour Cardano price chart, we can see that ADA has not been able to move past the 20-bar SMA. The price dropped to $1.20 on the 6th, then pushed up to $1.28 on the 7th. However, with the 20-bar SMA acting as resistance at this level, the price fell back, dropping back to $1.20. ADA was able to stay at this level for the next few sessions before rising to $1.23. The price fell back from this level, falling to $1.14 on the 8th and then rising to $1.20. However, ADA was unable to move past this level, thanks to the 20-bar SMA falling back to its current level of $1.10.
We can see that the MACD has flipped to bearish, indicating that the price could 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 been extremely bearish over the past few sessions, dropping considerably. Currently, ADA is down by nearly 6% and could slip below $1.10.