- The Cardano price has made a fairly strong recovery during the ongoing session and is up by almost 5%.
- ADA had been relatively bearish in recent sessions and had dropped to $0.93 on Sunday.
The Cardano price is up to $0.97, as it looks to move back above the $1 level, with ADA currently up by nearly 5%. ADA had registered a drop of over 2% on Friday, falling to $0.99, before registering a marginal recovery on Saturday. However, ADA fell back in the red on Sunday, falling by nearly 7% and dropping to $0.93. The current session sees ADA at $0.97, with buyers in control.
Cardano Price Chart Indicates ADA Looking To Push To $1
The Cardano price was quite bearish at the start of the previous weekend, dropping by almost 6% on Friday. ADA continued to drop over the weekend, slipping below the 20-day SMA on Saturday and then dropping by almost 3% to end the weekend at $1.04. On Monday, ADA was back in the green, registering a marginal increase and then pushing up by almost 6%, pushing above the 20-day SMA and moving to $1.10. However, the price fell back on Wednesday, falling back below the 20-day SMA and settling at $1.08.
Image: ADA/USD daily
The Cardano price remained in the red on Thursday, dropping by almost 6% and falling to $1.02. ADA continued to drop on Friday, falling below the $1 level to $0.99, before registering a marginal recovery on Saturday. ADA fell back in the red on Sunday, falling by almost 7%, and ending the weekend at $0.93, before recovering during the current session.
We can see that the MACD is currently bearish, but if the price continues to push higher, we could see it flip to bullish.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we see that ADA faces strong resistance at around $1.04. At this price level, over 314,000 addresses have sold 4.9 billion ADA.
Image: IntoTheBlock
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Looking at the 4-hour Cardano price chart, we see that ADA had pushed up to $1.10 on the 16th. ADA fell back from this level, dropping to $1.07 and then slipping below the 20-bar SMA, falling to $1.02 on the 18th. ADA was able to register a marginal increase from this level before dropping back, falling to $0.98, and then to $0.94 on the 20th. ADA made a fairly strong recovery from this level and pushed up to its current level of $0.97.
We can see that MACD and Parabolic SAR have flipped to bullish, indicating that we could see the price push higher.
Image: ADA/USD 4-hour
Cardano Outpaces Litecoin and Ethereum in On-Chain Activity as ADA Blockchain Expands
Per recent data from Messari, aside from Bitcoin, Cardano is presently in the top place in terms of transaction activity, outpacing Litecoin and Ethereum. Based on transaction volume, Cardano overtook Litecoin and Ethereum at $17.04 billion, while the latter registered 24-hour volumes of $7.20 billion and $5.25 billion, respectively.
Adjusted transaction volume is a good way to isolate only the most important transactions. Cardano recently outperformed both Litecoin and Ethereum in adjusted volumes, with a 24-hour volume of $16.71 billion, compared to Litecoin's $97.81 million and Ethereum's $3.84 billion.
Per earlier reports, Cardano outpacing leading cryptocurrencies Bitcoin and Ethereum in transaction activity, as well as a spike in new ADA addresses. As reported by the Cardano Blockchain Insights Twitter handle, the Cardano blockchain has grown by nearly 13 GB since the start of 2022, indicating massive chain activity.
Cardano remains one of the most actively developed networks in the blockchain industry, as per Santiment data. Cardano is still in the top three in terms of contributions, according to the Activity Contributors Count.
More developers have begun to leverage the Cardano blockchain and produce new use cases with the availability of smart contracts functionality. The SundaeSwap decentralized exchange platform is the largest yet, with at least 98% of the total value locked.
Cardano Price Is Expected To Reach These Levels
Looking at the Cardano price chart, we can see that ADA has made a fairly strong recovery during the ongoing session. If the current sentiment persists, we could see ADA push back above $1.
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