Cardano Technical Analysis: ADA Recovers During Ongoing Session, Up By Over 2%

Daily Cardano ADA Price Analysis

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Last Updated December 31st 2021
3 Min Read
  • The Cardano price has recovered during the ongoing session and is up by over 2%. 
  • ADA has been quite bearish during the week and had dropped by nearly 8% on Tuesday. 

The Cardano price has registered a recovery during the ongoing session, as buyers pushed ADA above 2%. ADA had ended the weekend on a positive note, pushing up by over 4% on Monday, rising to $1.51. However, ADA fell back in the red on Tuesday, dropping by nearly 8%, dropping to $1.39. The price continued to drop on Wednesday, falling to $1.33, where the 20-day SMA acted as support before pushing up during the ongoing session. 

Cardano Price Chart Indicates ADA Could Push To $1.40 

The Cardano price started the previous week in the red, registering a marginal drop on Monday. The price pushed up on Tuesday, rising to $1.28, rising by 3.47%. ADA continued to push up on Wednesday, rising by nearly 4% and moving to $1.36. ADA remained in the green on Thursday, registering an increase of nearly 11% and settling at $1.47. However, the price fell back on Friday despite the bullish sentiment, dropping by over 5% and settling at $1.39.

Image: ADA/USD daily  

ADA/USD daily chart 123121

After dropping to $1.39 on Friday, the Cardano price recovered over the weekend, rising by over 4% and settling at $1.45. ADA remained in the green on Sunday, registering a marginal increase before rising by 4.12% on Monday and settling at $1.51. However, the price fell back on Tuesday, falling by nearly 8% and settling at $1.39, before dropping to $1.33, dropping by nearly 5%. The current session sees ADA at $1.36, up by nearly 3%.

We can see that the Parabolic SAR is currently bullish, indicating that the price could push higher.

Looking at IntoTheBlock’s IOMAP for the Cardano price, we see that ADA faces strong resistance at around $1.43. At this price level, over 165,000 addresses have sold more than 4.3 billion ADA.

Image: IntoTheBlock

ADA/USD volume chart 123121

The 4-hour Cardano price chart shows us that ADA had dropped to $1.39 on the 25th. The price pushed up from this level, rising above the 200-bar SMA to $1.45 before dropping to $1.41. The price pushed up from this level, rising to $1.58 on the 27th. However, ADA could not stay at this level and dropped to $1.46. The price made a marginal recovery from this level, rising to $1.51 before dropping below the 20-bar SMA to $1.40. The 200-bar SMA acted as support at this level, and ADA was able to stay at this level until the 29th when the price slipped below the 200-bar SMA and settled at $1.30 before pushing to its current level of $1.36.

We can see that the Parabolic SAR and MACD are both bearish, indicating that the price could drop.

Image: ADA/USD 4-hour 

ADA/USD 4-hour chart 123121

Cardano Price Is Expected To Reach These Levels 

Looking at the Cardano price chart, we see that ADA has recovered during the current session. If buyers can retain the session, we could see ADA push to $1.40. However, if sellers take control, we could see ADA drop to $1.35.