Cardano News

Cardano Price Analysis: ADA spikes above $2.30, slow retracement to follow?

TL;DR Breakdown

  • 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.

Cryptocurrency heat map. Source: Coin360

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.

ADA/USD 4-hour chart. Source: TradingView

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.

While waiting for Cardano to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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 decisions.

This post was last modified on October 8, 2021 10:48 am

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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