- The Cardano price is down by over 1% during the ongoing session as sellers continued to push the price down.
- ADA had made a reasonably positive start to the week and had risen by almost 6% on Tuesday.
The Cardano price continued to drop during the ongoing session and is currently down by almost 1%, as sellers look to push ADA lower. ADA had started the week on a relatively positive note, registering a marginal increase on Monday. ADA continues to push higher from this level, rising by 5.52%, pushing past the 20-day SMA and moving to $1.10. However, ADA fell back on Wednesday, dropping back below the 20-day SMA before falling further during the ongoing session.
Cardano Price Chart Indicates ADA Could Drop To $1.05
The Cardano price started the previous week on a fairly bullish note, rising by almost 5% and moving to $1.19. The price fell back on Tuesday, falling by almost 2%, before recovering on Wednesday and rising by $1.44%, moving to $1.19. Thursday saw ADA fall back in the red, as it dropped by over 3%, falling to $1.15, before dropping by nearly 6% on Friday, slipping below the 20-day SMA and dropping to $1.09.
Image: ADA/USD daily
The weekend saw the Cardano price remain bearish, as it dropped by 1.74% on Saturday and then by almost 3% on Sunday to end the weekend at $1.04. Despite the bearish sentiment, ADA recovered on Monday, registering a marginal recovery, before surging by nearly 6% and pushing above the 20-day SMA and moving to $1.10. The price fell below the 20-day SMA on Wednesday, dropping to $1.08, before dropping further during the ongoing session.
We can see that the MACD is bullish, but if the price continues to drop, we could see it flip to bearish.
IntoTheBlock’s IOMAP for the Cardano price shows that ADA has strong support at around $1.04. At this price level, over 189,000 addresses have bought more than 4.6 billion ADA.
More On Cardano: Cardano (ADA) Price Prediction for 2025 and 2030
The 4-hour Cardano price chart shows us that ADA had pushed up to $1.21 on the 10th. The price fell back from this level, dropping below the 20 and 200-bar SMAs and falling to $1.14, where the 50-bar SMA acted as support. As a result, ADA registered a marginal recovery, rising to $1.15 before dropping below the 50-bar SMA and falling to $1.09 on the 12th. ADA continued to drop from this level, falling to $1.03 before making a strong recovery, pushing back above the 20-bar SMA and rising to $1.10 on the 16th. ADA turned bearish after reaching this level, dropping to its current level of $1.07.
We can see that the Parabolic SAR is currently bearish, indicating that we could see the price 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 fallen considerably during the past couple of sessions. If the current bearish sentiment persists, we could see ADA drop to $1.05 or below.