- ADA/USD is trading bearishly on our Cardano price analysis.
- Cardano traded within a range of $1.9 – $2.1.
- Supply zone between $2.1 – $2.3
The Cardano price is weakly trading bearishly on our Cardano analysis, following a decline from the $2.40 level to the lower range at $2.35. The bulls were quiet for most of the week after Alonzo’s upgrade on Monday. A downward slide may be caused by increased selling pressure as a result of buying into the
Cardano 24-hour price movement: DeFi will drive ADA accumulation
On our 24-hour Cardano price analysis, the pair was observed in a range of $1.9 to $2.1 over the past 24 hours. The narrow range suggests little volatility on the technical charts. After the $2.3 support switched into a price barrier early Monday, the coin has been hanging near $2.1 for most of the week.
Cardano 4-hour chart: heightening selling pressure will result in a dip.
The price of Cardano attempted to recover and break the $2.4 tiny barrier, but the heavy rejection was met by strong resistance at $2.427, resulting in a medium crimson-candlestick closing on the lower limit of the Bollinger Bands at $2.380. The downward turn of events following the upgrade has frustrated short-term sellers, most of whom are now nursing losses.
The short-term forecast shows a lot of selling pressure on the Cardano market, putting a strain on any significant gains. ADA/USD has yet to break through its 5-day high of $2.80, which it achieved earlier this week. The pair is currently valued at $2.106, according to the current price chart. During press time, Cardano is holding support at $2.00.
Cardano price analysis conclusion
Following a failed breakout from a supply zone ranging between $2.3 and $2.5, our 24-hour ADA/USD price analysis is bearish. We expect a modest recovery, albeit only for a short time, but Cardano will resume its bearish trend.
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