- Cardano price analysis is bearish today.
- ADA/USD briefly spiked above $2.30 resistance yesterday.
- Cardano is set to retrace before further upside.
ADA/USD is currently trading at $2.29, down around 13% on the week after an encouraging gain of nearly 15% yesterday. Given that upside was rebuffed yesterday following a brief spike above $2.30, Cardano price analysis suggests a bearish trend will follow as a result of this rejection. As a result, we anticipate Cardano price will soon retrace lower, allowing ADA/USD to find support at the next major structure.
Cardano price movement in the last 24 hours: Cardano returns below $2.30 resistance
The price of ADA/USD has been largely stable over the last 24 hours, ranging from $2.2 to $2.233, indicating little change in volatility during that time. Trading volume has decreased by 21.23 percent and stands at $2.6 billion, while the overall market capitalization is now around $73.4 billion.
ADA/USD 4-hour chart: ADA set to retrace further?
On the 4-hour Cardano price analysis chart, we can see that after failing to stay above $2.30, the Cardano price has retreated.
The price of Cardano has been trading in a bearish trend for weeks. However, at the end of September, there was a higher low, signifying some bullish momentum building.
Following that, on October 1st, the market rallied higher, pushing ADA/USD to a new low of $2.30. This price action indicates that the market is now effectively trading in a tighter range.
After a retracement to $2.15, where another higher low was established, ADA consolidated. Yesterday’s spike above the previous high of $2.30 generated a technical bullish signal, implying that market momentum has once again become positive.
Cardano Price Analysis: Conclusion
The price analysis for Cardano is bearish for the next 24 hours, as a rejection of further gains was observed yesterday, resulting in a sluggish retracement today. As a result, we anticipate that ADA/USD will continue to fall over the following 24 hours, and that it will establish a new low.