- The Cardano price dropped below $1 for the first time since July 2021.
- ADA has been extremely bearish in recent sessions and had dropped by almost 6% on Thursday.
The Cardano price is down by over 4% during the ongoing session, as sellers continued to dominate the market. ADA had registered a sharp fall on Thursday, falling by nearly 6% to $1.02. The price continued to drop on Friday, falling below $1 and dropping to $0.99 before registering a marginal recovery on Saturday. However, ADA fell back in the red during the current session and is currently at $0.95.
Cardano Price Chart Indicates Sellers Looking To Push ADA To $0.90
The Cardano price was in the red over the previous weekend, slipping below the 20-bar SMA on Friday. Over the weekend, the price remained in the red, falling by 1.74% on Saturday and then by 2.71% on Sunday to end the weekend at $1.04. Despite the bearish sentiment, ADA was back in the green on Monday, registering a marginal increase, before pushing up by almost 6% on Tuesday, moving back above the 20-day SMA and settling at $1.10.
Image: ADA/USD daily
The Cardano price fell back in the red on Wednesday, as it dropped back below the 20-day SMA, falling to $1.08. Thursday saw ADA remain in the red, dropping by nearly 6% and falling to $1.02, and then falling by 2.45% on Friday, dropping below the $1 level. ADA was able to register a marginal recovery on Saturday before dropping back during the current session.
We can see that the MACD is currently bearish, indicating that we could see the price drop further.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we see that ADA faces strong resistance at around $1.03. At this price level, over 216,000 addresses have sold more than 5 billion ADA.
More On Cardano: Why Cardano Is So Cheap?
Looking at the 4-hour Cardano price chart, we can see that ADA had pushed up to $1.08 on the 15th, moving past the 20-bar SMA. ADA continued to push higher from this level, rising to $1.10, before turning bearish and dropping to $1.07 on the 17th. ADA continued to drop from this point, slipping below the 20-bar SMA and falling to $1.02. After registering a marginal recovery from this level, ADA fell back in the red, slipping below the $1 level and dropping to $0.99 on the 19th. After registering another marginal increase, ADA turned bearish again and dropped to its current level of $0.95.
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
Cardano Price Is Expected To Reach These Levels
The Cardano price chart shows us that ADA has been extremely bearish during recent sessions and is down by nearly 5% during the ongoing session. If the current sentiment persists, we could see ADA drop further towards $0.90.