- The Cardano price was extremely bearish over the weekend, with sellers pushing the price below $1.50.
- ADA had registered a sharp drop of over 8% on Friday.
The Cardano price dropped below $1.50 on Sunday as sellers took control of the current session. However, with support at around $1.44, we could see ADA recover. After posting a marginal increase, ADA had ended Thursday but fell back on Friday, dropping by over 8% and settling at $1.53. The price recovered marginally on Saturday, pushing up by 0.70%, before dropping back on Sunday.
Cardano Price Chart Indicates Some Support At $1.44
The Cardano price started the previous weekend positively, with ADA pushing above the 200-day SMA and settling at $1.02. However, the price turned bearish on Sunday, dropping by almost 5%, slipping back below the 200-day SMA, and settling at $1.83. The bearish sentiment continued on Monday, with ADA starting the week on a bearish note, falling by over 3% on Monday. Tuesday saw the drop continue, with ADA dropping by another 1.54% and settling at $1.75. The bearish sentiment continued on Wednesday, with the price dropping by almost 5% and settling at $1.66.
Image: ADA/USD daily
After dropping to $1.66 on Wednesday, the Chainlink price posted a marginal recovery on Thursday, rising by 0.48%. However, the price was back in the red on Friday, with sellers pushing the price down by over 8% to $1.53. ADA made another marginal recovery on Saturday but fell back on Sunday, with the price currently down by over 3%.
We can see that the Parabolic SAR is currently bearish, indicating a price drop. However, if ADA manages to recover, 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 $1.56. At this price level, over 158,000 addresses have sold more than 3 billion ADA.
The 4-hour Cardano price chart shows us that ADA had slipped below the 20-bar SMA on the 22nd, dropping to $1.79. The price fell further from this level, thanks to the 20-bar SMA now acting as resistance. ADA dropped to $1.62 on the 24th before pushing up to $1.72. However, the 20-bar SMA came into play at this level as resistance, and ADA dropped to $1.50 before pushing up marginally to $1.57. ADA could not push past this level and fell further to its current level of $1.49.
We can see that the MACD is currently bearish. However, if ADA manages to recover, then we could see it flip to bullish.
Image: ADA/USD 4-hour
Cardano Price Is Expected To Reach These Levels
Looking at the Cardano price, we can see that ADA has been extremely bearish over the weekend. However, the price has some support at $1.44, which means ADA could push above $1.55 during the session.