- ADA/USD is trading bearishly on our Cardano price analysis.
- Cardano traded within a range of $2.359 – $2.407.
- Supply zone between $2.3 – $2.5.
ADA/USD is trading bearishly on our Cardano price analysis following a correction from the $2.40 zone into the lower zone at $2.35. The bears have been at play for the better part of the week since Monday’s Alonzo upgrade. The downward correction could be a result of heightening selling pressure caused by buying the ‘rumor, sell the news’ feuds.
The overall cryptocurrency market is trading with mixed signals with Bitcoin breaking above the $47K level and Ethereum recording a 2.04 percent gain. Solana is emerging once again as the worst-performing cryptocurrency after correcting to the $161 level.
Cardano 24-hour price movement: DeFi will drive ADA accumulation
ADA/USD on our 24-hour Cardano price analysis traded within a range of $2.359 – $2.407. The tight range suggests the mild volatility taking place across the technical charts. The coin has been hovering below the $2.5 resistance for the better part of the day after the supported flipped into a price barrier early on Monday. $3 is still the psychological support and the bulls are optimistic on ADA accumulation by DeFi developers and users, which will steer the price upwards.
Cardano 4-hour chart: heightening selling pressure will result into a dip
Cardano attempted to stage an upward recovery and break the $2.4 minor resistance but the sharp upside was met by heavy rejection at $2.427. Resulting into medium red-candlestick closing on to the lower limit of the Bollinger Bands at $2.380. Short-term swing traders have really been frustrated by the sad turn of events following the upgrade as some analysts had their bet on the $5 post upgrade trend.
The short-term analysis indicates massive selling pressure on the Cardano market which places a heavy strain on any significant gains. Since Saturday night, ADA/USD is yet to break above its 5-day high of $2.80. As of this writing, the pair trades at $2.384. 10 out of the 26 major technical indicators are all showing negative sell signals on the daily Cardano price analysis.
Cardano price analysis conclusion
Our 24-hour ADA/USD price analysis is bearish following failure to break out of a supply zone between $2.3 – $2.5. We do expect a slight upswing but it will be short-lived and Cardano will resume the bearish momentum. Check out our long-term price prediction for Cardano and see where the coin could go in the next three years.
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