Cardano Technical Analysis: ADA Pushes Back Above $1

Daily Cardano ADA Price Analysis

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Last Updated January 26th 2022
3 Min Read
  • The Cardano price pushed back above the $1 level after it had fallen to a low of $0.95 on Monday. 
  • The current session sees ADA down by just over 4% at $1.02. 

The Cardano price managed to scrape back above $1 on Monday after slipping to $0.95 earlier. While the price is still in the red during the ongoing session, it has managed to push to $1.02. ADA had started the weekend on a bearish note, dropping by 4.46% on Saturday and falling to $1.07. However, ADA was able to register a recovery on Sunday, rising to $1.12, before dropping back in the red on Monday and falling to $1.06. 

Cardano Price Chart Indicates ADA Could Push To $1.05 

The Cardano price was quite bullish during the previous weekend, as it registered an increase of 2.30% on Saturday and then surged by over 9% on Sunday to end the weekend at $1.41, after pushing above the 20 and 50-day SMA. ADA continued to surge on Monday as well, as it rose by 13.53% and moved to $1.60. However, after reaching this level, ADA turned bearish and dropped nearly 9% on Tuesday, falling to $1.45. Wednesday saw ADA remain in the red, falling over 8% and settling at $1.33.

Image: ADA/USD daily  

ADA/USD daily chart 012622

The Cardano price continued to drop on Thursday, as the price slipped below the 50 and 20-day SMAs and dropped to $1.26. Friday saw ADA continue to drop, as the price fell over 11%, falling to $1.12, and then dropping to $1.07 on Saturday, falling by 4.46%. Despite the bearish sentiment, ADA registered a recovery on Sunday, rising by over 5% and moving to $1.12. However, the price fell back in the red on Monday, as it dropped to $1.06 before dropping back to $1.03 during the ongoing session.

We can see that the MACD is currently bearish, indicating that the price could drop further.

Looking at IntoTheBlock’s IOMAP for the Cardano price, we see that ADA faces strong resistance at around $1.19. At this price level, over 163,000 addresses have sold more than 3 billion ADA.

Image: IntoTheBlock

ADA/USD volume chart 012622

Looking at the 4-hour Cardano price chart, we see that ADA dropped to $1.37 on the 19th. ADA continued to fall from this level, falling to $1.33 and then rising to $1.40 on the 20th. With the 20-bar SMA coming into play as resistance, the price fell back, dropping below the 50 and 200-bar SMAs and dropping to $1.20. The price continued to drop from this level and dropped to $1.03 before rising to $1.12 on the 24th. At this level, the 20-bar SMA again acted as resistance, and the price fell back, dropping to $0.98 and then rising and moving to its current level of $1.02.

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

Image: ADA/USD 4-hour 

ADA/USD 4-hour chart 012622

Cardano Price Is Expected To Reach These Levels

Looking at the Cardano price chart, we see that ADA has pushed up to $1.03 from an intraday low of $0.99 during the ongoing session. If the current sentiment persists, we could see ADA push to $1.05.