- Cardano price analysis is bearish today.
- ADA/USD established a lower local high yesterday.
- Bearish momentum returns today.
The Cardano price analysis is bearish today, as a local lower high was established late yesterday, resulting in a minor drop overnight. As a result, we expect downward momentum to continue later today, with the $2.15 support threatened again.
Cryptocurrency heat map. Source: Coin360
The market was in a mixed mood over the previous 24 hours. Bitcoin rose 6.8%, while Ethereum increased by 1.02%, making it the market leader. Meanwhile, Shiba Inu (SHIB) continues to lead the pack, having risen more than 70% since its low of December 17th.
Cardano price movement in the last 24 hours: Cardano sets daily low at primary support $2.15
The ADA/USD pair had a range of $2.15 to $2.216 over the course of today’s session, implying little volatility over the previous 24 hours. Trading volume has gone up by 6.59 percent and is now at $2.19 billion, putting the market capitalization at around $69.8 billion, placing
ADA/USD 4-hour chart: ADA eyes to break $2.2?
On the 4-hour chart, we can see Cardano’s price fall gradually, with the $2.15 support target in sight.
ADA/USD 4-hour chart. Source: TradingView
Cardano price action remains confined in a more restrictive consolidation range. The long-term course for XRP/USD is uncertain, after two highs and two lows were established during the previous weeks.
On the 7th of October, bulls drove XRP to $2.3, where a lower high was established after a higher low was formed on the 29th of September at $2.02. This week, bearish momentum has resumed, with XRP falling to $2.15, which is the midpoint between trading range support.
Cardano Price Analysis: Conclusion
The Cardano price is in a bearish trend today, with another low established late yesterday and another drop overnight. As a consequence, ADA/USD will most likely continue to fall throughout the next 24 hours, potentially breaking below the nearest support of $2.15.