- The Cardano price is currently down by over 4%, as sellers dominate the market.
- ADA has had an extremely bearish start to the week and had dropped by over 8% on Monday.
The Cardano price remained in the red during the ongoing session, as ADA dropped to $0.82, with sellers looking to push the price lower. ADA had registered a marginal increase on Saturday before dropping back on Sunday, falling by almost 7% and settling at $0.93. Monday saw the bearish sentiment intensify, as the price dropped by over 8%, dropping to $0.85 and then falling to $0.82 during the current session.
Cardano Price Chart Indicates ADA Could Drop Below $0.80
The Cardano price was quite bearish over the previous weekend, registering a drop of 1.74% on Saturday and then falling by almost 3% on Sunday to end the weekend at $1.04. The price recovered on Monday, rising by 0.67% and then nearly 6% on Tuesday, pushing above the 20-day SMA and settling at $1.10. However, ADA fell back on Wednesday, falling by 2.34%, slipping back below the 20-day SMA and settling at $1.08. Thursday saw ADA register a sharp drop, falling by almost 6% and dropping to $1.02.
Image: ADA/USD daily
The Cardano price continued to drop on Friday, dropping by 2.45%, falling to $0.99, before registering a marginal recovery on Saturday. However, ADA was back in the red on Sunday, falling by 6.52% and dropping to $0.93. The bearish sentiment persisted on Monday, as ADA dropped by over 8%, falling to $0.85, and then dropped to $0.82 during the ongoing session.
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 $0.92. At this price level, over 59,000 addresses have sold more than 639 million ADA.
More On Cardano: Pros and Cons of Investing in Cardano
The 4-hour Cardano price chart shows us that ADA had dropped to $1.07 on the 17th, slipping below the 20-bar SMA. The price continued to drop from this level, dropping to $1.02 and then rising to $1.03. The overall bearish sentiment dominated, and ADA fell back, dropping to $0.98 on the 19th and then falling to $0.93 on the 21st. ADA made a strong recovery from this level, pushing up to $0.97, where the 20-bar SMA came into play as resistance and pushed ADA back down, with the price dropping to its current level of $0.83. We can see that the MACD and Parabolic SAR 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
Looking at the Cardano price chart, we can see that ADA has been extremely bearish over the past few sessions. If the current sentiment persists, we could see ADA drop towards $0.80. However, if buyers can retake control, then ADA could push back to $0.85.