- The Cardano price slipped below $1.80 on Monday, registering a drop of over 3%.
- The current session sees buyers and sellers vying for control, with the price currently at $1.77
The Cardano price got off to a bearish start to the week, as sellers pushed the price below $1.80, currently at $1.77. ADA had pushed up on Friday, rising by over 4% as it entered the weekend on a positive note. The price continued to increase on Saturday, pushing above the 200-day SMA and settling at $1.92. However, the price fell back on Sunday, dropping to $1.83, slipping below the 200-day SMA. Monday saw the drop continue, as ADA fell to $1.77, falling by over 3%.
Cardano Price Chart Indicates Buyers And Sellers Struggling To Control Session
The Cardano price started the previous weekend on a relatively static note, as the price registered a marginal increase on Saturday before dropping on Sunday and settling at $2.04. Monday saw the price drop further, slipping below the 20-day SMA and settling at $2.09. ADA registered a significant drop on Tuesday, as the price fell by over 7%, dropping to $1.87, where the 200-day SMA was acting as support. As a result, the price made a marginal recovery on Wednesday before slipping below the 200-day SMA and settling at $1.78 on Thursday.
Image: ADA/USD daily
After dropping to $1.78 on Thursday, the Cardano price recovered on Friday, as it rose to $1.86, after pushing up by over 4%. Saturday saw ADA move above the 200-day SMA and settle at $1.92. However, ADA fell back on Sunday, as it dropped below the 200-day SMA after registering a fall of 4.55%. The current week started in the same vein, as sellers pushed the price down by over 3%, with ADA settling at $1.77. The current session sees buyers and sellers struggling for control, with the price static at $1.77.
The Parabolic SAR is currently bearish, indicating that the price could drop further.
Looking at IntoTheBlock’s IOMAP for the Cardano price, we can see that ADA faces strong resistance at around $1.80. At this price level, over 266,000 addresses have sold more than 4.2 billion ADA.
The 4-hour Cardano price chart shows that ADA had dropped below the 20-bar SMA, falling to $1.82. However, the price recovered from this level, as it rose to $1.87 before dropping to $1.77. ADA made a strong recovery from this level, as the price pushed up to $1.87, pushing above the 20-bar SMA. With the 20-bar SMA now acting as support, the price could stay at this level and rise to $1.92. However, with the 50-bar SMA coming into play as resistance, the price dropped, slipping below the 20-bar SMA and dropping to $1.79. ADA fell further from this level, as it dropped to $1.76 before rising to its current level of $1.78.
We can see that the MACD is currently bearish, indicating that the price could drop further during the current session.
Image: ADA/USD 4-hour
Cardano To Tackle Security And Privacy Concerns
Cardano founder Charles Hoskinson recently expressed his thoughts on keeping up with security and privacy practices. The exec said he wanted to introduce proxy keys, and his basic plans incorporate three keychains; spending key, voting key, and staking key. Essentially, this would help maintain a separation of the cold and hot infrastructures (primary and secondary).
“The primary would be the spending, and the secondary would be staking and voting keys. Either directly delegate with them or create a new key chain, that’s just a staking key and a voting key. And we call those proxy keys. The idea is that you would sign a transaction that would enable those keys to act on behalf of the original keychain.”
The main benefit is that the proxy keys could live on hot wallets like Daedalus. Meanwhile, the main keychain could be on the cold infrastructure, a paper wallet, hardware wallet. The connection between proxy keys and the main keychain could be accommodated using a snark. Snark is cryptographic proof that allows one party to prove it possesses certain information without revealing that information.
However, there are certain obstacles on the roadmap, including regulatory concerns. Hoskinson added:
“It’ll have to come a little later down the roadmap. So second half of 2022, likely because there’s so much to do. But it’s definitely something that we’re looking for a protocol for that makes sense.”
Cardano Price Is Expected To Reach These Levels
Looking at the Cardano price chart, we can see that ADA has posted a marginal recovery during the current session. If the price does increase, we could see ADA settle at around $1.80. However, if sellers take control, the price could drop to $1.75.