- The Cardano price registered a drop of over 4% on Monday, starting the week on a bearish note.
- The current session sees ADA up by nearly 2%, as buyers look to push ADA towards $1.40
The Cardano price started the current session on a fairly positive note, with ADA currently up by nearly 2%, with buyers currently controlling the session. ADA had registered a significant increase on Saturday, rising by 5.50% on Saturday and pushing above the 20-day SMA, moving to $1.38. However, ADA fell back in the red on Sunday, registering a marginal drop before falling by over 4% on Monday and slipping back below the 20-day SMA.
Cardano Price Chart Indicates ADA Could Push Towards $1.40
The Cardano price started the previous weekend fairly positively, rising by over 4% and settling at $1.45. ADA remained in the green on Sunday, registering a marginal increase and then rising by over 4% on Monday and moving to $1.51. The price fell back on Tuesday, falling by nearly 8% and dropping to $1.39. ADA continued to drop on Wednesday, dropping to $1.33, where the 20-day SMA acted as support. The price recovered on Thursday, rising by over 2% and settling at $1.35.
Image: ADA/USD daily
On Friday, the Cardano price fell back in the red, dropping by nearly 4%, slipping below the 20-day SMA and settling at $1.30. The price recovered over the weekend, rising by 5.50% on Saturday, pushing back above the 20-day SMA and moving to $1.38. Despite the bullish sentiment, the price fell back in the red on Sunday, registering a marginal drop. The price continued to drop on Monday, falling back below the 20-day SMA and falling to $1.30, before recovering during the ongoing session.
We can see that the Parabolic SAR is currently bearish, but if the price is unable to move past the 20-day SMA, we could see it flip to bearish.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we see that ADA faces strong resistance at around $1.35. At this price level, over 315,000 addresses have sold more than 4.2 billion ADA.
Looking at the Cardano price chart, we see that ADA had dropped to $1.30 on the 30th. The price recovered from this level, rising to $1.36. ADA was able to stay at this level for the subsequent few sessions but fell back on the 31st, dropping to $1.28 thanks to the 20-bar SMA coming into play as resistance. ADA made a strong recovery from this level, pushing above the 20-bar SMA and rising to $1.34. The price continued to push up from this level, rising to $1.37, where the 200-bar SMA came into play as resistance. With the 20-bar SMA acting as support, ADA was able to stay at this level for the next few sessions but fell back below the 20-bar SMA on the 3rd, falling to $1.31, before moving to its current level of $1.33.
We can see that the Parabolic SAR and MACD are both bearish, indicating that the price could drop further.
Image: ADA/USD 4-hour
Cardano Price Is Expected To Reach These Levels
Looking at the Cardano price chart, we see that ADA faces strong resistance at $1.34. If ADA is unable to move past this level, we could see the price drop and fall to $1.30.