Cardano Price Prediction: Bears Drive ADA Towards $1.05 

Daily Cardano ADA Technical Analysis

Last Updated February 14th 2022
4 Min Read
  • The Cardano price is marginally down during the current session, with ADA at $1.07. 
  • ADA has been relatively bearish in recent sessions and had dropped by nearly 6% on Friday. 

The Cardano price is at $1.07 during the current session, as buyers and sellers look to establish control. ADA has been quite bearish during recent sessions and had dropped by over 3% on Thursday, falling to $1.15. ADA continued to drop on Friday, registering a significant fall, slipping below the 20-day SMA and falling to $1.09. The weekend started with ADA remaining in the red, falling to $1.07, before registering a marginal drop during the current session. 

Cardano Price Chart Indicates Buyers And Sellers Looking To Establish Control  

The Cardano price started the previous weekend on an extremely bullish note, surging by over 7% and pushing up to $1.14. At this level, the 20-day SMA was acting as resistance, and ADA fell back on Saturday, dropping by 1.23% before recovering on Sunday, pushing above the 20-day SMA and ending the weekend at $1.14. ADA continued to push higher on Monday, rising by almost 5% and moving to $1.19 before dropping back on Tuesday and falling to $1.17. Wednesday saw ADA recover, rising by nearly 2% and moving back to $1.19.

Image: ADA/USD daily  

ADA/USD daily chart 021422

After pushing to $1.19 on Wednesday, the Cardano price fell back, dropping by over 3% on Thursday, falling to $1.15. ADA continued to drop on Friday, registering a significant drop of nearly 6%, slipping below the 20-day SMA and falling to $1.09. The weekend started with ADA remaining in the red, dropping by nearly 2% on Saturday, dropping to $1.07, before registering a marginal drop during the current session.

We can see that the MACD is currently bullish, but if ADA 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 243,000 addresses have bought over 4.8 billion ADA.

Image: IntoTheBlock 

ADA/USD volume chart 021422

The 4-hour Cardano price chart shows us that ADA had pushed up to $1.20 on the 7th, pushing past the 200-bar SMA. ADA continued to push higher from this level and moved to $1.24. After reaching this level, ADA fell back, dropping to $1.15 and slipping below the 200 and 20-bar SMAs. ADA was able to recover from this point, rising to $1.20 before dropping back below the 20-bar SMA to $1.17. ADA recovered from this level but fell back drastically, slipping back below the 20 and 200-bar SMAs and falling to $1.14. The 50-bar SMA was acting as support at this level, and ADA registered a marginal recovery. However, ADA fell below the 50-bar SMA on the 11th, when the price fell to $1.11. ADA continued to drop from this level, falling to its current level of $1.07.

We can see that the Parabolic SAR and MACD are both bearish, indicating that we could see the price drop further.

Image: ADA/USD 4-hour 

ADA/USD 4-hour chart 021422

Cardano Onboards An Average of 17 New Smart Contracts Daily in February

The Cardano blockchain network has seen tremendous growth recently, most notably in the number of smart contracts added to the decentralized platform. According to data acquired by Finbold, Plutus (a Cardano-based smart contracts platform) has experienced significant growth since the start of February. The Proof of Stake blockchain has added over 177 new smart contracts to the network, going from 1,227 on February 1 to 1,304 recently.

As a result, Cardano has added an average of 17 new smart contracts every day over the first two weeks. 

Source: Cardano Blockchain Insights

ADA plutus scripts chart 021422

The graph represents real smart contracts based on Plutus running on the Cardano network. On September 12, 2021, as part of the hard fork event, the Alonzo upgrade was deployed, and these smart contracts went live on the network.

Notably, the Plutus scripts numbers do not necessarily indicate functioning smart contracts but a number of new projects that have started to be developed on ADA (smart contracts). Since the beginning of the new year, the number of Plutus scripts on the network has risen by 357. At the same time, the number of smart contracts on the network has progressively increased to exceed the 1,000 mark, after which the network had its largest-ever expansion, adding over 100 smart contracts in only two days.

With the upgrade, Cardano provides a foundation for developing decentralized financial (DeFi) apps while making them more programmable for the developer community. 

Cardano Price Is Expected To Reach These Levels

The Cardano price chart shows us that ADA has been extremely bearish in recent sessions, with the price in the red during the ongoing session as well. If the current sentiment persists, we could see ADA drop below $1.05.