Cardano price analysis: Is ADA gearing up to recover beyond $1.2 overnight?

Cardano Price Analysis

TL;DR Breakdown

  • Price of Cardano has increased from $1.16 to $1.18 in the last 24 hours.
  • A Price change of approximately 1.51 percent is observed in the last 24 hours.
  • Overall resistance today is high despite the small net increase in price over 24 hours.
  • Cardano price analysis is expected to keep fluctuating between $1.15 and $1.2 in the next few hours.
  • Cardano is not likely to hit the $1.25 mark today due to high resistance.

Our Cardano price analysis showed an overall bearish trend ever since the price fell from $1.40 to $1.32 on the 8th of July. Since then, ADA/USD has been struggling to beat the $1.40 mark. After consistently staying bearish for 5 days, the market is showing slight signs of recovery in the last two days.

Cardano price analysis: Is ADA gearing up to recover beyond $1.2 overnight? 1
Cryptocurrency heat map by Coin360

Today, almost all cryptocurrencies in the crypto market are trading with a bullish sentiment. An increase of 0.13 percent has been observed in Bitcoin. On the other hand, the Ethereum trend reports an increase of 3.83%. DOT, VET, XRP, LTC, and other altcoins seemingly follow the same trend.

Cardano price analysis: Is ADA gearing up to recover beyond $1.2 overnight? 2
Cardano Price Chart by TradingView

Observing the 1-day graph, our Cardano price analysis reveals good chances for the market to recover. However, this recovery would only be slight, before another bearish train hits. The RSI curve on the 1-day graph is touching the 36 levels.

At this point, the market may be slightly undervalued. However, the rising slope of the curve indicates some upcoming improvement. This could be short-lived, though, as the MACD analysis shows high resistance as per Cardano price analysis.

Cardano Price Analysis in the Last 24 Hours

Cardano price analysis: Is ADA gearing up to recover beyond $1.2 overnight? 3
Cardano Price Chart by TradingView

Over the last 24 hours, ADA/US price has increased from $1.16 to $1.18, showing almost no volatility. On the smaller scale, there has been a significant fluctuation. However, in the bigger picture, the change might be too small despite being positive.

With that, Cardano currently stands in the 5th rank in the market with a total market cap of $38,057,863,621. Overall, a price change of 1.51 percent is observed in the last 24 hours.

In the hourly graph, we can see the RSI recovering rapidly after hitting 45. Currently, it is set on the 47 levels, but the rising slope gives a good indication of recovery in the next few hours. Again though, the MACD analysis reveals a high amount of resistance with the histograms being in the reds.

The high resistance could very easily overcome the bullish bouts, because of which, the bulls might get exhausted before ADA even hits the $1.25 mark.

ADA/USD 4-Hour Chart – Will Cardano go Fall Beyond $1.16 Support?

Cardano Price Analysis
Cardano Price Chart by TradingView

Our Cardano price analysis of the 4-hour graph reveals that the market has had an overall bearish sentiment in the last 4 hours. The RSI curve is currently touching the 44 levels. However, the rapidly decreasing slope might be a cause of concern.

Though, the MACD analysis shows a positive uptrend with the histograms in greens. This indicates that the bullish momentum is high on a longer timeframe. So, a slight recovery can be expected. Either way, Cardano is not expected to fall beyond the $1.16 support. For now, it is the sweet spot for both buyers and sellers. As soon as the price hits $1.16, another short bull run is expected.

Cardano Price Analysis Conclusion

Even if there are small bullish bouts in a single hour or two, in the long-term, the price is not expected to increase much. Instead, there is a high likelihood for Cardano to keep fluctuating between $1.16 and $1.2 in the next few hours.

Overall, the market seems quite indecisive for now. The next few days will be critical in determining whether the market can significantly retrace. But for now, the prospects for recovery do not seem too good.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and Artificial Intelligence. He also loves playing games and music in his spare time to keep his creative juices flowing.

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