Cardano price analysis is bullish today as a new lower low was set after a strong decline over the last 24 hours. Therefore, we expect ADA/USD to regain some of the loss later today as bears are exhausted.
The overall market traded mostly in the red over the last 24 hours. The market leader, Bitcoin, did gain 1.75 percent, while Ethereum lost 2.92 percent. Meanwhile, the rest of the top altcoins have seen a loss of around 5 percent.
ADA/USD traded in a range of $2.08 – $2.24, indicating strong volatility over the last 24 hours. Trading volume has increased by 27.43 percent and totals $2.78 billion, while the total market cap trades around $70.15 billion, ranking the coin in 3rd place overall.
On the 4-hour chart, we can see the Cardano price action starting to reverse as bears are exhausted after a strong decline.
Cardano price action has continued to trade sideways over the past weeks. After setting a higher low above $2, a lower high was set at $2.30 at the beginning of October, indicating consolidation in an increasingly tighter range.
However, what followed was both a higher high above $2.30 and a lower low set during the following retracement below $2.15. Therefore, the overall direction for ADA/USD is still unclear.
Likely we will see the Cardano price regain some of the loss over the next 24 hours. If a lower high is set, we could assume that bearish momentum will continue later this week.
Cardano price analysis is bullish today as a new lower low was set after a strong move lower. However, bearish momentum is exhausted, leading to a reversal over the next 24 hours.
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 12, 2021 9:30 am
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