- 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.
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.
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