Cardano Technical Analysis: ADA Surges, Pushes To $1.20 

Daily Cardano ADA Price Analysis

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Last Updated January 13th 2022
3 Min Read
  • The Cardano price registered a sharp increase on Tuesday, rising by nearly 6%. 
  • The current session sees ADA up by over 1%, as buyers look to push it above $1.20 

The Cardano price has started the current session on a bullish note, as buyers look to push ADA even higher. ADA was quite bearish over the weekend, dropping by 2.23% on Saturday and 1.02% on Sunday, ending the weekend at $1.17. The price continued to drop on Monday, falling by nearly 4% to $1.12. However, ADA could reverse the bearish trend on Tuesday, rallying to push up by nearly 6% and settling at $1.18. The current session sees ADA up to $1.20 as buyers continue to control the market. 

Cardano Price Chart Indicates ADA Could Push Beyond $1.20 

The Cardano price had started the previous weekend on a fairly bearish note, slipping below the 20-day SMA and settling at $1.32. The price continued to drop on Tuesday, dropping by 0.83%, and then registering a significant drop on Wednesday, falling by over 6% and settling at $1.22. ADA was able to reverse the bearish trend on Thursday, as the price pushed up by over 4% to $1.28. However, Friday saw ADA back in the red, as the price dropped by nearly 6%, falling to $1.20.

Image: ADA/USD daily  

ADA/USD daily chart 011322

After dropping to $1.20 on Friday, the Cardano price remained in the red over the weekend, falling by 2.23% on Saturday and settling at $1.18. Sunday saw ADA continue to drop, falling by 1.02% and ending the weekend at $1.17. The current week started with the bearish sentiment persisting, as sellers drove the price down nearly 3% on Monday, with ADA falling to $1.12. However, ADA made a strong recovery on Tuesday, rising by almost 6% and moving to $1.18. The current session sees ADA at $1.20, as buyers look to push the price further.

We can see that the Parabolic SAR is currently bearish, but 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 $1.33. At this price level, over 246,000 addresses have sold more than 3.2 billion ADA.

Image: IntoTheBlock

ADA/USD volume chart 011322

The 4-hour Cardano price chart shows us that ADA had pushed up to $1.23 on the 8th. However, with the 20-day SMA acting as resistance at this level, the price fell back, dropping to $1.14. ADA was able to recover from this level, rising to $1.18 and then moving to $1.20 on the 9th. However, once again, the 20-bar SMA came into play as resistance, and the price fell back, dropping to $1.11 on the 10th. ADA was able to make a very strong recovery from this level, rising to $1.16 and pushing past the 20-bar SMA,  surging to $1.22. At this level, the 50-bar SMA acted as resistance, and ADA dropped to its current level of $1.20.

We can see that the MACD and Parabolic SAR are both bullish, indicating that we could see ADA push higher.

Image: ADA/USD 4-hour 

ADA/USD 4-hour chart 011322

Cardano Price Is Expected To Reach These Levels

Looking at the Cardano price chart, we see that ADA has been quite bullish over the past couple of days. If the current bullish sentiment persists, we could see buyers push ADA above the $1.20 level.