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Cardano Price Analysis: ADA briefly moves above $3, set for a slow retracement today?

Cardano Price analysis

TL;DR Breakdown

  • Cardano price analysis is bearish for today.
  • ADA/USD could not remain above the $3 mark.
  • Cardano starts to retrace again.

Cardano price analysis indicates bearish momentum to follow today as the market dropped back below the $3 mark after a quick spike to $3.1 yesterday. Therefore, we expect ADA/USD to retrace further and look to set another higher low.

Cardano Price Analysis: ADA briefly moves above $3, set for a slow retracement today? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 0.59 and 1.45 percent, respectively, while most of the major altcoins are in the red.

Cardano price movement in the last 24 hours: Cardano retraces back below $3

ADA/USD traded in a range of $2.92 – $3.03, indicating a low amount of volatility over the last 24 hours. Trading volume has declined by 17.24 percent and totals $4.71 billion, while the total market capitalization trades around $93.66 billion, ranking the coin in 3rd place.

ADA/USD 4-hour chart: ADA set to retrace today?

On the 4-hour chart, the Cardano price can be seen retracing after a brief move above the $3 mark yesterday.

Cardano Price Analysis: ADA briefly moves above $3, set for a retracement today?
ADA/USD 4-hour chart. Source: TradingView

Cardano price action has seen a strong advance over the past weeks. After setting a new swing low at $1.02 on the 20th of July, ADA/USD rallied by almost 200 percent until resistance was found below $3.

Below the $3 resistance, Cardano consolidated over the second half of August, with several attempts to move higher. Higher lows were still set, indicating bullish pressure still in control. This price action development led the Cardano price towards another rally on Wednesday.

Cardano briefly managed to break past the $3 resistance, setting a slightly higher high at $3.1. Bears took over from there, leading to a slow retracement over the last 24 hours. Therefore, we expect ADA/USD to continue retracing later today as another higher low will be set before further upside can be attempted.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bearish for today as the market retraces from the $3 resistance after failing to see further highs yesterday. Therefore, we expect ADA/USD to continue declining over the weekend and look to set another higher low above $2.7.

While waiting for Cardano to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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