- 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
Cardano price analysis: General price overview
Cardano began her price analysis chart with a positive trend. The bulls controlled the market, pushing prices up by cup and handle patterns that took them to intraday highs of $2.5. The sellers erected a powerful barrier at the intraday highs, causing a falling price in a descending triangle. The resistance seems to be so strong as the bulls have not yet broken past the resistance.
ADA/USD is trading bearishly on our Cardano price analysis chart following a correction from the $2.40 zone into the lower zone at $2.42. The sellers 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 buy the ‘rumour, sell the news’feuds.
Cryptocurrency Heatmap by Coin360
The overall cryptocurrency market is optimistic, as shown by the heat map. BTC, the most well-known digital currency, has increased by 1.66 percent and is trading at slightly below $48K, whereas the second-largest digital asset has also recorded a 5% increase and is currently trading at $3.5K.With the market continuing to strengthen, there are signs that altcoins are gaining ground as well. FTT is the top gainer of the day, with more than a 10 percent rise in price. Cardano is trading in the opposite direction recording a 2 percent price dip.
Cardano 24-hour price movement: DeFi will drive ADA accumulation
ADA/USD on our 24-hour Cardano price analysis traded within a range of $2.34 – $2.56. 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.
On the four-hour price analysis chart, the green candlesticks have outnumbered the red ones, meaning buyers control the market.
Cardano price analysis conclusion
Our 24-hour ADA/USD price analysis is bearish following failure to break out of a supply zone between $2.4 – $2.5. We do expect a slight uptrend that will break past the $2.6 resistance.
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