Cardano Price Analysis: ADA still bearish below $2.4 zone

XTZ USD price analysis

TL;DR Breakdown

  • 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 Price Analysis: ADA still bearish below $2.4 zone 1
Cryptocurency Heatmap by Coin360

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. 

Cardano price analysis
Cardano Price Chart by TradingView

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. 

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 decision.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

Related News

Hot Stories

Starfish Finance Proposes DeFi-NFT Convergence on Polkadot
Dogecoin price analysis: DOGE slowly continues sideways, retests $0.06
Cardano price analysis: ADA finds support at $0.4300; where is the asset headed next?
ChainLink price analysis: LINK shows consistency at $7.7
Spanish telco announces Web3 adoption

Follow Us

Industry News

Spanish telco announces Web3 adoption
The Sandbox and HSBC flop show
Is Coinbase listing LUNC?
Big news for Facebook and Instagram crypto community.
Another pro-crypto news from Blackrock. This time it is for Europe markets