Cardano Price Prediction: ADA Surges To $1.16 After Bullish Weekend 

Daily Cardano ADA Technical Analysis

Last Updated February 8th 2022
2 Min Read
  • The Cardano price is currently up by nearly 2%, as buyers look to push ADA to $1.20. 
  • ADA has been relatively bullish in recent sessions and had pushed up by over 7% on Friday. 

The Cardano price continued its upward trajectory during the ongoing session, as buyers continued to control the market, looking to push ADA to $1.20. ADA had registered a significant increase on Friday, rising by over 7% and moving to $1.14. Despite the bullish sentiment, ADA fell back on Saturday, falling by 1.23%, before recovering on Sunday, pushing past the 20-day SMA and settling at $1.14. The current session sees ADA at $1.16, with buyers in control of the market. 

Cardano Price Chart Indicates ADA Could Push To $1.20

The Cardano price started the previous weekend on a slightly positive note, registering a marginal increase on Friday. ADA continued to push up over the weekend, rising by 1.05% on Saturday before dropping back on Sunday and ending the weekend at $1.03. However, the price was back in the green on Monday, rising by 1.54% and moving to $1.05. On Tuesday, the price continued to push up, registering an increase of over 4% before dropping back by over 6% on Wednesday and settling at $1.02.

Image: ADA/USD daily  

ADA/USD daily chart 020822

After Wednesday’s drop, the Cardano price pushed up significantly on Thursday, rising by over 3% and moving to $1.06. Friday saw ADA continue to push higher, rising by over 7% and moving to $1.14, where the 20-day SMA was acting as resistance. As a result, ADA fell back on Saturday, dropping by 1.23% and falling to $1.12. ADA recovered on Sunday, moving above the 20-day SMA, ending the weekend at $1.14 and then moving to $1.16 during the ongoing session.

We can see that the MACD is currently bullish, indicating that the price could push higher.

IntoTheBlock’s IOMAP for the Cardano price shows us that ADA has strong support at around $1.04. At this price level, over 280,000 addresses have bought more than 5.2 billion ADA.

Image: IntoTheBlock 

ADA/USD volume chart 020822

Looking at the 4-hour Cardano price chart, we can see that ADA had pushed up to $1.05 on the 1st. The price continued to push higher from this level, rising to $1.09 on the 2nd. ADA fell significantly after reaching this level, dropping below the 20 and 50-bar SMAs and falling to $1.02. ADA recovered from this point, pushing above the two SMAs and rising to $1.06, and then surging to $1.15 on the 5th. The price fell back to $1.11 from this level before recovering and surging to its current level of $1.16.

We can see that the MACD and Parabolic SAR have both flipped to bullish, indicating that we could see the price push higher.

Image: ADA/USD 4-hour 

ADA/USD 4-hour chart 020822

Cardano Price Is Expected To Reach These Levels

Looking at the Cardano price chart, we can see that ADA has registered a fairly significant increase during the current session. If buyers retain control, we could see ADA push to $1.20.