- ADA broke the $1.15 support yesterday.
- Further downside is seen overnight.
- ADA/USD rapidly moves to the $1 mark
Cardano price analysis indicates bearish momentum to follow over the next 24 hours as a clear spike below $1.15 was seen yesterday. Therefore, we can expect BTC/USD to move towards further lows later today and reach the $1 mark next.
The overall crypto market trades in the red over the last 24 hours. Bitcoin has lost 5.45 percent, while Ethereum almost 7 percent. Binance Coin (BNB) is among the worst performers, with a loss of 11.75 percent.
Cardano price movement in the last 24 hours: Cardano moves away from the $1.15 previous support
ADA/USD traded in a range of $1.04 – $1.17, indicating substantial volatility over the last 24 hours. Trading volume has spiked by almost 100 percent and totals $1.47 billion, while the total market cap trades around $33.56 billion, ranking the cryptocurrency in 5th place overall.
ADA/USD 4-hour chart: ADA targets $1 mark next?
On the 4-hour chart, we can see the Cardano price rapidly moving towards the next support around the $1 mark.
Cardano price action traded with a very strong bearish momentum over the past weeks. After a clear medium-term swing high was set around $1.50, bulls failed to push the market any higher, and a strong reversal followed.
Previous support around $1.30 was broken on the 13th of July, with a strong downside following the breakout. Eventually, ADA/USD reached the $1.15 support, where some rejection for further downside was seen over the weekend.
However, yesterday, the Cardano price finally breached below the $1.15 support and rapidly advanced towards the next support target at $1. This should lead ADA/USD towards some more downside later today as the $1 mark has almost been reached earlier today.
Cardano Price Analysis: Conclusion
Cardano price analysis is bearish for the next 24 hours as a quick spike below the $1.15 support was seen yesterday, and bears continued to rapidly push the market lower. Therefore, we expect ADA/USD to reach the $1 mark over the next 24 hours and potentially establish another major swing low from there.
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