Cardano Technical Analysis: ADA Continues To Push Higher, Pushes To $1.30 

Daily Cardano ADA Price Analysis

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Last Updated December 23rd 2021
4 Min Read
  • The Cardano price has crossed $1.30 during the ongoing session, as buyers remain in control of the market. 
  • ADA has been quite bullish during the current week and had pushed up to $1.28 on Tuesday. 

The Cardano price started the ongoing session on a positive note, with ADA up by over 1%, with buyers looking to consolidate ADA above $1.30. ADA has been bullish since the weekend, registering an increase of almost 2% on Saturday and then a marginal increase on Sunday to end the weekend at $1.24. The price fell back on Monday, dropping by 0.48%, before recovering on Tuesday, rising by over 3% and settling at $1.28. 

Cardano Price Chart Indicates Buyers Looking To Push ADA Above $1.30 

The Cardano price started the previous week on an extremely bearish note, as ADA dropped by over 9% on Monday, falling to $1.22. The price recovered on Tuesday, rising to $1.26 after rising by 3.59%. ADA continued to increase on Wednesday, rising by another 3.47% and settling at $1.31. However, after reaching this level, the price fell back significantly on Thursday, falling by over 5% and settling at $1.24 before dropping further to $1.21 on Friday.

Image: ADA/USD daily  

ADA/USD daily chart 122321

After dropping to $1.21 on Friday, the Cardano price recovered over the weekend, increasing by 1.97% on Saturday and settling at $1.24. Sunday saw ADA remain in the green after registering only a marginal increase. Monday saw ADA back in the red as it fell by 0.48% before recovering on Tuesday and rising to $1.28, an increase of over 3%. The current session sees ADA at $1.29, with buyers looking to push the price above $1.30.

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

IntoTheBlock’s IOMAP for the Cardano price shows that ADA has strong support at around $1.27. At this price level, over 270,000 addresses have bought more than 4.9 billion ADA.

Image: IntoTheBlock

ADA/USD volume chart 122321

The 4-hour Cardano price chart shows us that ADA had pushed up to $1.32 on the 16th. The price fell back from this level, slipping below the 50 and 20-bar SMAs and settling at $1.21 on the 18th. ADA pushed up to $1.25 from this level but was unable to move above the 20-bar SMA and dropped marginally before pushing above the 20 and 50-bar SMAs and moving to $1.29 on the 19th. ADA could not stay at this level and dropped back below the 20 and 50-bar SMAs and settled at $1.21 on the 20th. The price recovered again from this level, as ADA rose back above the two SMAs, moving to $1.26 and then moving to its current level of $1.30.

We can see that the Parabolic SAR and MACD are both bullish, indicating that the price could push higher.

Image: ADA/USD 4-hour 

ADA/USD 4-hour chart 122321

Charles Hoskinson: Cardano Will Be used By Billions

Cardano founder Charles Hoskinson recently revealed in a blog post that he believes that projects like the blockchain he works on will be “as ubiquitous as the internet and used by billions” in the future.

That type of adoption, he wrote, will take decades to be seen, all the while the project’s developers slowly move forward in pushing out new upgrades “instead of chasing hype and the latest cycle.” Hoskinson wrote:

"Our view is that these protocols will be as ubiquitous as the internet and be used by billions. This scale of adoption will take years to decades, not weeks to months, and won’t be a meme. Ultimately it’s the long game that matters."

The founder of Cardano wrote that Cardano and projects like it are the “antithesis” of mentality associated with startup culture in which progress is achieved “at any personal cost” and with mentality associated with crypto asset communities that keep pushing developers to do more for price changes.

Hoskinson noted that being a leader in the crypto space is “a brutal affair” as there is “really nothing like the 24/7 blast of information, scandals, new protocols, concepts ranging from NFTs and the metaverse to a constantly changing landscape.”

Notably, Cardano’s approach has seemingly been paying off. As reported, the number of active addresses on its network quadrupled from October to November as on-chain activity picked up and transaction fees on the network dropped from $0.45 to $0.38 on average.

According to CryptoCompare’s recent Asset Report, in October, there were 50,506 active addresses on the Cardano blockchain, while in November, there were 216,072 active addresses.

Cardano Price Is Expected To Reach These Levels 

Looking at the Cardano price chart, we see that ADA has been extremely bullish during the current week. If the current sentiment persists, ADA is expected to push above $1.30, possibly moving to $1.31 during the current session.