- ADA moved sideways yesterday.
- Another small spike higher was seen overnight.
- Cardano prepares for a retracement.
Cardano price analysis indicates bearish momentum to follow over the next 24 hours as previous support around $1.30 was retested for the third time overnight with rejection for further upside. Therefore, we expect XRP/USD to start moving lower later this week and try to retest the $1.15 mark next.
The cryptocurrency market trades in the red over the last 24 hours. The market leader, Bitcoin, has decreased by 4.54 percent, while Ethereum has seen a slight gain of 0.79 percent. The rest of the top altcoins follow Bitcoin with a slight loss.
Cardano price movement in the last 24 hours: Cardano still holds below $1.30 resistance
ADA/USD traded in a range of $1.26 – $1.32, indicating mild volatility over the last 24 hours. Meanwhile, the total trading volume has decreased by 6 percent and totals $1.52 billion. The total market capitalization trades around $40.5 billion, resulting in a market rank of 5th place.
ADA/USD 4-hour chart: ADA set for further retracement?
On the 4-hour chart, we can see the Cardano price action rejecting upside again, indicating that further downside will be seen later today.
Cardano price action has seen strong bullish momentum over the past week after a medium-term swing low was set around $1.02 on the 20th of July. What followed was a rally of over 35 percent to the $1.40, where a slightly lower high was set.
This price action development indicates that ADA/USD trades in an increasingly tighter range with both a higher swing low and lower high set. Since further upside was heavily rejected below $1.40, and ADA started to consolidate below the $1.30 mark again, we can expect a reversal to follow over the next days.
The first support level to target is located at around $1.15. Potentially this is where the Cardano price could establish a higher low and start to look to finally break above the previous highs from there. However, further price action development is still needed as bears look to reclaim some of the gains seen over the past week.
Cardano Price Analysis: Conclusion
Cardano price analysis indicates bearish momentum to follow over the next 24 hours as further upside got rejected overnight. Therefore, we assume ADA/USD will continue to move lower later today and try to reach the $1.15 support next.
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