- Cardano price analysis is bearish today.
- ADA/USD briefly spiked above $2.30 resistance yesterday.
- Cardano is set to retrace before further upside.
Cardano price analysis indicates bearish momentum to follow as upside was rejected yesterday after a brief spike above $2.30. Therefore, we expect ADA/USD to retrace further and set a higher low next.
The overall market traded mostly in the green over the last 24 hours. The market leader, Bitcoin, gained 2.03 percent, while Ethereum was up by 2 percent. Meanwhile, Shiba Inu (SHIB) has seen a sharp reversal and is the worst performer today, with a loss of 30 percent.
Cardano price movement in the last 24 hours: Cardano returns below $2.30 resistance
ADA/USD traded in a range of $2.25 – $2.33, indicating small volatility over the last 24 hours. Trading volume has declined by 21.23 percent and totals $2.6 billion, while the total market cap trades around $73.4 billion, ranking the coin in 4th place overall.
ADA/USD 4-hour chart: ADA set to retrace further?
On the 4-hour chart, we can see the Cardano price retracing after failure to remain above the $2.30 resistance, indicating further downside will follow.
Cardano price action has traded in a bearish momentum over the past weeks. However, a higher low was set at the end of September, indicating some bullish momentum building up.
What followed was a rally higher on the 1st of October, leading ADA/USD to set another lower high at $2.30. This price action development indicates that the market is effectively trading in an increasingly tighter range.
After a retracement to $2.15, where another higher low was set, ADA consolidated again. Yesterday, a spike above the previous high of $2.30 was set, technically meaning that the market momentum has become bullish again.
Cardano Price Analysis: Conclusion
Cardano price analysis is bearish for the next 24 hours as a rejection for further upside was seen yesterday, leading ADA to a slow retracement today. Therefore, we expect ADA/USD will continue lower over the next 24 hours and look to set a higher low.
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