Cardano Technical Analysis: ADA Looks To Push To $1.29 After Strong Weekend 

Daily Cardano ADA Price Analysis

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Last Updated December 20th 2021
3 Min Read
  • The Cardano price is currently up to $1.28 during the ongoing session, with buyers in control. 
  • ADA was quite bearish leading up to the weekend and had dropped to $1.21 on Friday. 

The Cardano price made a strong recovery over the weekend as buyers returned to the market, reversing the prevailing bearish sentiment. ADA had dropped significantly on Thursday, as the price fell by 5.49%, dropping to $1.24. Friday saw the price continue to drop, falling to $1.21, a drop of 1.69%. However, the weekend saw ADA recover, rising by almost 2% on Saturday and then moving to $1.28 during the ongoing session, with the price up by over 3% at present. 

Cardano Price Chart Indicates Buyers In Control  

The Cardano price went into the previous weekend on a fairly bearish note, with ADA registering a drop of over 6% on Friday and dropping to $1.21. The price made a strong recovery on Saturday, as it surged by 11.54%, moving up to $1.35, but fell back in the red on Sunday, dropping by 0.37% and settling at $1.34. ADA continued to drop on Monday, falling over 9%, falling to $1.22, before rising by 3.59% on Tuesday and moving to $1.26.

Image: ADA/USD daily  

ADA/USD daily chart 122021

After moving to $1.26 on Tuesday, the Cardano price continued to push up on Wednesday, rising to $1.31. However, it fell back on Thursday, registering a significant drop of 5.49% and settling at $1.24. Friday saw the price drop further, as it fell by 1.69% and settled at $1.21. ADA made a strong recovery over the weekend, as it rose by 1.97% on Saturday and moved up to $1.24 before moving to $1.28 during the ongoing session.

Currently, ADA is up by over 3%, and with the MACD bullish, we could see the price push higher.

Looking at IntoTheBlock’s IOMAP for the Cardano price, we can see that ADA has strong support at around $1.27. At this price level, over 190,000 addresses have bought more than 5.6 billion ADA.

Image: IntoTheBlock

ADA/USD volume chart 122021

The 4-hour Cardano price chart shows us that ADA had dropped to $1.21 on the 14th. The price pushed up from this level, moving to $1.26 but could not move past the 20-bar SMA and dropped back to $1.20. ADA made a strong recovery from this level, as it surged past the 20-bar and 50-bar SMAs and moved to $1.32. However, ADA could not stay at this level and dropped back below the two SMAs, falling to $1.21 on the 18th. The price pushed back to $1.25 before registering a marginal drop but then pushed back above the 20 and 50-bar SMAs to $1.29.

Currently, we can see that ADA is at $1.28, and with the Parabolic SAR having just flipped to bullish, we could see the price push higher.

Image: ADA/USD 4-hour 

ADA/USD 4-hour chart 122021

Cardano Price Is Expected To Reach These Levels 

The Cardano price chart shows us that ADA has made a strong recovery over the weekend. If buyers continue to remain in control of the session, we could see ADA push to $1.30.