Cardano Technical Analysis: ADA Looks To Move Up To $2.10 As Price Recovers

Daily Cardano ADA Price Analysis

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Last Updated November 16th 2021
4 Min Read
  • The Cardano price posted a marginal recovery during the current session, increasing by 1.25%. 
  • ADA has been quite bearish since the previous week and had registered a drop of over 7% on Wednesday. 

The Cardano price posted a marginal recovery, as the 20-day SMA acting as support pushed up the price marginally during the current session. ADA had been quite bearish over the week, as the price dropped by 1.65% on Friday before posting a marginal recovery on Saturday and rising to $2.01. However, the price was back in the red on Sunday, as it dropped by 0.57% before recovering during the current session. 

Cardano Price Chart Indicates ADA Could Push Up To $2.10 

The Cardano price was quite bullish at the start of the previous week, rising by 1.14% on Saturday and 0.79% on Sunday to end the weekend on a positive note. The bullish sentiment continued on Monday, as ADA rose by over 5% on Monday, pushing above the 20-day SMA and settling at $2.12. The bullish sentiment persisted on Tuesday, as the price rose by almost 7%, pushing above the 50-day SMA and settling at $2.27. After reaching this level, the price registered a sharp drop on Wednesday, as it fell by over 7%, slipping below the 50-day SMA and settling at $2.10.

Image: ADA/USD daily  

ADA/USD daily chart 111621

After dropping to $2.10 on Wednesday, the Cardano price continued to remain bearish, as it fell by 0.92% on Thursday and then by 1.65% on Friday to settle at $2.04. At this level, the 20-day SMA acted as support, pushing up the price marginally on Saturday. However, ADA fell back in the red on Sunday, as it dropped by 0.57% on Sunday, ending the previous week on a bearish note. However, the current week began on a positive note, as ADA pushed up marginally, with buyers taking over the session. We can see that the Parabolic SAR is currently bearish. However, if the price continues to increase, we could see it flip to bearish. The MACD, as we can see, is already bullish.

Looking at IntotheBlock’s IOMAP for the Cardano price, we can see that ADA has strong support at around $2.04. At this price level, more than 340,000 addresses have bought over 4.6 billion ADA. ADA also faces strong resistance at around $2.16. At this level, almost 300,000 addresses have sold more than 4.5 billion ADA.

Image: IntoTheBlock

ADA/USD volume chart 111621

The 4-hour Cardano price chart shows us that ADA had pushed above the 200-bar SMA on the 8th and reached $2.30 on the 9th. However, the price fell drastically from this level, dropping to $2.17, where the 20-bar SMA was acting as support. The price continued to drop as ADA slipped below the 20-bar SMA and dropped to $2.10. Here the price recovered marginally, thanks to the 200-bar SMA acting as support. However, sellers pierced this level of support, and ADA dropped to $2.01. With the 50-bar and 200-bar SMAs now acting as resistance, the price failed to push beyond this level and is currently at $2.06 after pushing above the 20-bar SMA.

Image: ADA/USD 4-hour 

ADA/USD 4-hour chart 111621

Yoroi Wallet – The Ideal Cardano Light Wallet

In a recent interview, Sergio Sanchez Ferreros, Head of Product at Emurgo, the commercial arm of Cardano, talked about Yoroi light wallet for Cardano.

EMURGO is “a global blockchain technology company providing solutions for developers, startups, enterprises, and governments." It “develops enterprise-grade applications, builds developer tools, invests in startups, and provides blockchain education.” 

The company has “offices and manages projects in Singapore, Japan, the USA, India, and Indonesia.”

EMURGO described Yoroi as:

Yoroi is a web light wallet for Cardano available as a browser extension and as a mobile application. Light wallets don’t need to download or synchronize the blockchain. This means that once you open the wallet, you can send or verify the reception of transactions right away.” 

Ferreros shared his thoughts about Yoroi and how it helps the Cardano ecosystem:

As one of the founding entities of the Cardano blockchain, EMURGO is able to officially update and maintain Yoroi Wallet in coordination with our Cardano ecosystem partners and Cardano’s overall technical development, including things like ADA staking, connecting Cardano-based dApps, Project Catalyst, NFT minting, and more..."

Cardano Price Is Expected To Reach These Levels

Looking at the Cardano price chart, we see that ADA has risen during the current session, with the price up by over 1%. If the current sentiment continues, we could see ADA move up to $2.10.