TL;DR Breakdown
- ADA retested the $1.40 resistance overnight.
- Cardano rejects further upside.
- Market set to retrace lower today
Cardano price analysis is bearish for the next 24 hours as the previous resistance of around $1.40 was retested overnight. From there, ADA/USD starts to reverse, which should result in another push lower.
The cryptocurrency market trades in the green over the last 24 hours. The market leader, Bitcoin, is up by 2.74 percent, while Ethereum is up by 8.32 and is among the best performers.
Cardano price movement in the last 24 hours: Cardano retests $1.40 resistance
ADA/USD traded in a range of $1.32 – $1.39, indicating mild volatility over the last 24 hours. Trading volume has decreased by 13.79 percent and totals $1.788 billion, while the total market capitalization stands around $43.72 billion, ranking the cryptocurrency in 5th place overall.
ADA/USD 4-hour chart: ADA set for a reversal?
On the 4-hour chart, we can see the Cardano price starting to move away from the $1.40 resistance, which should lead towards further downside later this week.
Cardano price action has seen substantial gain over the past weeks after a slightly higher low was established around the $1.02 mark on the 20th of July, and the market started to rally higher from there. Since then, ADA/USD has increased by more than 35 percent until the $1.40 resistance.
What followed was a rapid decline and consolidation for several days. Cardano made another attempt to push higher on the 1st of August, resulting in the $1.40 resistance retested. ADA/USD retraced again at the beginning of this week, with the $1.26 support retested.
On Tuesday, ADA made the third attempt to break past the $1.40, with continuation overnight. Since further upside was rejected once again, we can expect the Cardano price to be exhausted as of now. Therefore, ADA/USD is expected to retrace lower over the next few days and look to finally break lower lows.
Cardano Price Analysis: Conclusion
Cardano price analysis indicates bearish momentum to follow over the next 24 hours as previous resistance around $1.40 resistance was retested overnight. Since further upside was not set, we expect ADA/USD to reverse later today and start heading towards previous lows around $1.26 later his week.
While waiting for Cardano to move further, read our articles on investing in PayPal Bitcoin, Bitcoin trusts, as well as whether Dogecoin is a good investment.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
