- ADA moved higher yesterday.
- Spike higher to $1.45 earlier today.
- Market likely to retrace again.
Cardano price analysis is bearish for today as the market set a higher high to the $1.45 mark and further upside is rejected right now. Therefore, we can expect ADA/USD to retrace later today and test the $1.30 support once again.
Cardano price movement in the last 24 hours
ADA/USD traded in a range of $1.32 – $1.44, indicating a strong amount of volatility over the last 24 hours. Trading volume has increased by 20.6 percent and totals $2.3 billion. Meanwhile, the total market cap stands around $45.3 billion, ranking cryptocurrency in 4th place overall.
ADA/USD 4-hour chart – ADA rejects further upside?
On the 4-hour chart, we can see the Cardano price rejecting further upside over the past hours as bears prepare to test the $1.30 support once again.
The overall several-week Cardano price action is still bearish as a significant major swing higher high is yet to be set. However, signs of some recovery were seen over the last week with a higher local high and low set.
Yesterday, ADA moved higher again and moved into the previous major support area around $1.40-$1.45, which previously acted as a support. From there, ADA/USD will likely move lower again over the next 24 hours to retest the $1.30 local support.
If the $1.30 support is not breached, further upside should be seen next week. However, considering the overall price action structure, we will likely see a lot more downside over the next week. ADA/USD should break below the $1.30 support and retrace even lower to the $1.15 mark next.
From there, the Cardano price could continue pushing even lower to retest the $1 mark next. This means that we still need further ADA/USD price action development before we can start to be bullish once again.
Cardano Price Analysis: Conclusion
Cardano price analysis is bearish for the next 24 hours as a higher high was set earlier today and bears prepare to push ADA/USD lower again. This price action development should lead ADA towards a retest of the $1.30 support.
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