Cardano Technical Analysis: ADA Registers Strong Recovery, Looks To Push To $1.40

Daily Cardano ADA Price Analysis

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Last Updated January 21st 2022
3 Min Read
  • The Cardano price has registered a substantial increase during the current session and is presently up by almost 4%. 
  • ADA had been extremely bearish over the past couple of sessions and had dropped by over 8% on Wednesday. 

The Cardano price had started the week on an extremely bullish note when ADA surged by almost 14% and settled at $1.60. However, the price fell back in the red on Tuesday, dropping by almost 9% and settling at $1.45. Wednesday saw another significant drop, as ADA dropped by 8.29% and settled at $1.33 before recovering during the ongoing session. 

Cardano Price Chart Indicates ADA Could Push To $1.40 

The Cardano price started the previous week in the red, dropping by almost 4% on Monday. ADA recovered on Tuesday, rising by almost 6% to $1.18, and then rose by over 10% on Wednesday, rising to $1.31. However, the 20-day SMA was acting as resistance at this level, and the price fell back, dropping to $1.23 on Thursday. However, ADA was able to recover on Friday, rising by 2.19% and settling at $1.26. 

Image: ADA/USD daily  

ADA/USD daily chart 012122

The Cardano price continued to push higher over the weekend, registering an increase of 2.54% on Saturday and then surging by 0ver 9%, pushing above the 20 and 50-day SMA and settling at $1.41. Monday saw the bullish sentiment persist, as ADA surged by nearly 14%, moving to $1.60, before turning bearish and dropping to $1.45 on Tuesday. ADA continued to drop on Wednesday, falling to $1.33, where the 50-day SMA was acting as support, pushing ADA up by nearly 4% during the ongoing session.

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 can see that ADA has strong support at around $1.28. At this price level, over 287,000 addresses have bought more than 4.3 billion ADA.

Image: IntoTheBlock

ADA/USD volume chart 012122

The 4-hour Cardano price chart indicates that ADA had pushed above the 200-bar SMA on the 16th when the price rose to $1.33. The price continued to push higher from this level, rising to $1.41 and then moving to $1.53 on the 17th. ADA registered a marginal drop from this level but recovered and surged to $1.60. After reaching this price, ADA turned bearish, slipping below the 20-bar SMA and dropping to $1.43. ADA continued to drop from this level, dropping to $1.37 and then slipping below the 50-bar SMA on the 20th, when it fell to $1.33. The price recovered from this level and moved back above the 50-bar SMA, pushing to its current level of $1.38.

The MACD is currently bearish, indicating that the price could drop further.

Image: ADA/USD 4-hour 

ADA/USD 4-hour chart 012122

Cardano Price Is Expected To Reach These Levels

The Cardano price chart indicates that ADA has recovered during the ongoing session. If the current sentiment persists, we could see ADA push to $1.40.