- The Cardano price failed to push to $1.20, as the price fell by almost 2% on Tuesday.
- The current session sees ADA down by nearly 1%, as buyers and sellers look to establish control.
The Cardano price continued to drop during the current session, as sellers look to push ADA down to $1.15. ADA had ended the weekend on a reasonably positive note, rising by 1.51%, moving above the 20-day SMA, and settling at $1.14. Monday saw ADA remain bullish, rising by almost 5% and settling at $1.19, before dropping back on Tuesday and falling to $1.17. The current session sees ADA down to $1.16, with sellers in control.
Cardano Price Chart Indicates Buyers And Sellers Struggling To Establish Control
The Cardano price had registered a drop of over 2% on Sunday (30th), ending the previous weekend on a fairly bearish note. However, ADA was able to recover on Monday, rising by 1.54% on Monday, and then register an increase of over 4% on Tuesday and rise to $1.09. However, the price fell back on Wednesday, dropping by over 6% and falling to $1.02. ADA registered a strong recovery on Thursday, rising by over 3% and surging by over 7% on Friday, and moving to $1.14.
Image: ADA/USD daily
The weekend saw the Cardano price register a marginal drop, thanks to the 20-day SMA acting as resistance. The price fell back by 1.23% on Saturday before recovering on Sunday, rising by 1.51%, pushing past the 20-day SMA and settling at $1.14. Monday saw ADA continue to push higher, rising to $1.19, before dropping back on Tuesday and falling to $1.17. The current session sees ADA marginally down as sellers look to push the price lower.
We can see that the MACD is currently bullish, indicating that we could see the price push higher.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we can see that ADA has strong support at around $1.04. At this price level, over 260,000 addresses have bought 5 billion ADA.
Image: IntoTheBlock
The 4-hour Cardano price chart shows us that ADA had dropped below the 20 and 50-bar SMAs on the 3rd when it fell to $1.02. ADA recovered from this level, rising to $1.04 and then pushing above the 20 and 50-bar SMAs and rising to $1.07. ADA remained bullish after reaching this level, rising to $1.15 on the 5th, before dropping back and falling to $1.11. ADA continued to drop from this level, falling to $1.11, where the 20-bar SMA supported. As a result, ADA registered a significant recovery, pushing above the 200-bar SMA and rising to $1.24 on the 8th. The price fell back from this level, dropping below the 20 and 200-bar SMAs and moving to its current level of $1.18.
We can see that the MACD and Parabolic SAR are currently bearish, but if ADA can recover, we could see them flip to bearish.
Image: ADA/USD 4-hour
Third Major 2022 Milestone: Total Number Of Cardano Transactions Surpass 30 Million
The Cardano (ADA) blockchain has recorded another milestone in transaction numbers reaping from the network’s development that has accelerated in recent months. The total Cardano transactions recently stood at 30.4 million, an addition of over four million transactions since January 10, 2022, data by Google Data Studio indicates.
In the first week of February, Cardano has added nearly 880,940 transactions. The new transaction milestone aligns with Cardano’s projected increase in network activity due to a spike in adoption. The expected growth saw IOHK (company behind Cardno) announce an increase in block sizes with a focus on optimizing scalability.
The platform released a detailed guideline on how it plans to scale the network in 2022. Notably, the rise in the block size by 12.5% places the Cardano network in a position to handle more transactions per second.
The surge in transactions also highlights the potential impact of the rollout of smart contract capabilities on the Cardano network.
The Cardano team enabled the smart contract functionality in September 2021. The feature is already recording success with Plutus (a Cardano-based smart contracts platform) as the number of Cardano-based smart contracts being developed on Plutus hit the 1,000 milestone as of January 27.
It is worth noting that Cardano’s decentralized blockchain is attracting new users ranging from banks to decentralized applications. Recently, the first Cardano-based decentralized exchange (DEX) dubbed SundaeSwap, went live on the mainnet. The platform offers several trading pools with ADA tokens.
The focus on scalability has resulted in Cardano emerging as a critical competitor to Ethereum. Although Ethereum is more established, Cardano has the upper hand due to speed and lower transaction fees.
Cardano Price Is Expected To Reach These Levels
We can see that buyers and sellers are looking to establish control during the ongoing session. If buyers retain the session, we could see ADA push back towards $1.20. However, if sellers manage to retain the session, ADA could drop towards $1.15.