- Cardano price analysis is bearish today.
- Cardano/USD is currently valued at $2.29.
- Cardano is expected to retrace before continuing higher.
The Cardano price is currently valued at $2.29, down around 13% on the week after a massive increase of over 15% yesterday. Following a brief rise above $2.30, we expect that Cardano prices will soon retrace lower, allowing ADA/USD to establish support at the next support level at $2.00. Cardano is one of the worst-performing cryptocurrencies in the top 10 today, losing nearly 20% of its value this week and only surpassed by IOTA, which has shed an incredible 36%.
Cardano price analysis indicates that the ADA/USD pair will retrace before continuing to rise. Cardano is a fascinating initiative with a lot of promise, so seeing the price fall any further would be disappointing. The price action suggests that ADA/USD will soon find support at $2.00 before establishing support at $1.60, where it could rebound or sink even lower.
Cardano’s future is less certain now as it will continue to struggle against Bitcoin for the next 24 hours, and today’s price action confirms this – but if we look at the bigger picture for ADA/USD, there are plenty of positive signals from both technicals and fundamentals that suggest Cardano could recover significantly from these lows. Ultimately, however, it all depends on how Bitcoin reacts, like most cryptocurrencies, including ADA/USD, are at the mercy of what happens to Bitcoin.
Cardano price analysis: Technical indicators
The Bollinger bands are narrowing, suggesting that the price is becoming increasingly volatile and will soon retrace lower. In addition to this, ADA/USD days-low is relative to last month’s high at $2.30, which could continue to limit any uptrend soon.
1 Day Chart: Short positions taken on broadening top indicator range
ADA/USD is currently trading between a support level at $2.00 and a resistance level at $2.28 in a narrow range that mirrors BTC/USD for this time. It would not be surprising if the pair found support around $1.60, where it bounced higher. Still, there was no follow-through from short positions opened at $2.28, so ADA/USD could likely test the next support level at $1.70 over 24 hours before finding balance between the two levels, establishing a neutral trading range for ADA/USD.
The 4-hour chart shows that the 100 SMA is above the longer-term 200 SMA, so ADA/USD could continue to rise from these levels. However, RSI has been unable to break above 50, indicating neither a bullish nor bearish momentum in play. Instead, we will have to wait for the volume to increase before prices break out from this consolidation. A move below $2.00 would lead us to expect ADA/USD to drop back down toward support at $1.55 or even lower if it turns out there isn’t any near-term support around those levels.
ADA/USD 4-hour chart: Tight range
ADA/USD is bearish across the entire 4-hour chart, indicating that further downside may be expected. In today’s price analysis, we saw that ADA/USD briefly spiked above $2.30 resistance but was rejected and has since retraced to establish support at a new intraday low at around $2.14. Our technical analysis shows a clear support level exists near the previous all-time high at $2.62, where it might rebound or continue lower towards the next expected support at $2.50.
For weeks, the price of Cardano has been fluctuating in a bearish trend. However, late September saw a higher low, suggesting that some bullish momentum was building.
ADA/USD tumbled to a new low of $2.30 on October 1st, following which the market rallied higher, pushing it to a fresh high of $5.7653. This price action suggests that the market is now operating in a more constricted range.
ADA remained stable and consolidated after a retracement to $2.15, where another higher low was created. Yesterday’s spike above the previous high of $2.30 offered a technical bullish signal, suggesting that market momentum has once again turned positive.
Cardano Price Analysis: Conclusion
Cardano’s price is bearish for the next 24 hours, as a rejection of further increases was seen yesterday, resulting in a sluggish retracement today. As a result, we predict that ADA/USD will continue to fall over the following 24 hours and establish a new low.
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.