- The Cardano price registered a significant fall on Monday, dropping by over 9%.
- ADA has posted a marginal recovery during the ongoing session, increasing by just over 1%.
The Cardano price had registered a significant drop on Monday as the week started on an extremely bearish note for ADA. ADA had started the weekend on a fairly bullish note, as the price pushed up by almost 12% on Saturday, reversing a significant bearish trend. However, the price fell back on Sunday, as ADA registered a marginal drop to end the weekend on a bearish note. ADA dropped further on Monday, as the price dropped by over 9%, settling at $1.22, before rising marginally during the current session.
Cardano Price Chart Indicates Strong Resistance At $1.29
The Cardano price has been quite bearish over the past week but started the previous week on a positive note, rising by over 3% and settling at $1.42. However, the price fell back on Tuesday by 3.02% and dropped right back to $1.38. ADA pushed up marginally on Wednesday, rising by 1.23%, but then fell back on Thursday, dropping by over 7% and settling at $1.29. The bearish sentiment persisted on Friday, as ADA dropped by 6.12% and dropped to $1.21.
Image: ADA/USD daily
After dropping to $1.21 on Friday, the Cardano price made a strong recovery on Saturday. ADA rose by almost 12% on Saturday, as the price surged to $1.35. However, Sunday saw ADA back in the red, as the price dropped marginally, before dropping by over 9% on Monday and settling at $1.22. The current session has seen a recovery, as the price pushes back to $1.24, an increase of almost 2%.
We can see that the Parabolic SAR is currently bearish. However, 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 $1.29. At this price level, over 169,000 addresses have sold more than 4.6 billion ADA.
Looking at the 4-hour Cardano price chart, we can see that ADA had pushed up to $1.45 on the 7th. However, ADA could not stay at this level and dropped back significantly, slipping below the 20-bar SMA and settling at $1.35 on the 8th. The price pushed up marginally from this level but fell back, dropping to $1.21 on the 11th. From this level, ADA made a strong recovery, as it moved above the 20-bar SMA and the 50-bar SMA to move to $1.39. ADA could not stay at this level and fell below the 50-bar SMA on the 13th when the price fell to $1.30. ADA then slipped below the 20-bar SMA, dropping to $1.22 before rising to its current level of $1.25.
We can see that the Parabolic SAR and MACD are bearish, indicating that we could see the price drop further.
Image: ADA/USD 4-hour
Cardano Price Is Expected To Reach These Levels
Looking at the Cardano price chart, we can see that ADA has made a relatively solid recovery during the ongoing session. If the current sentiment persists, we could see ADA push towards $1.30. However, if sellers take control of the session, ADA could drop back to $1.20.