ADA/USD is in a strong selling mode today, with the price sliding to a new low after a solid drop over the previous 24 hours. As a result, we anticipate ADA/USD to recover some of its losses later today as bears run out of steam.
Over the last 24 hours, ADA/USD has performed in a range of $2.08 to $2.24, suggesting considerable volatility over the previous 24 hours. Trading volume was up by 27.43 percent and stood at $2.78 billion, while the overall market capitalization was about $70.15 billion, placing it in the 10th spot by market cap.
ADA/USD has continued to slide, falling even farther after breaking below the $2.15 support level during the day yesterday, January 26. It also shattered the previous low of $2.18 to set a new low of $2.140.
On the 4-hour chart, we see the Cardano price begin to reverse as bears are exhausted after a powerful slide.
Cardano price action has been relatively sideways for the past several weeks. After establishing a higher low at $2 in early October, a lower high was established at $2.30 at the beginning of the month, suggesting consolidation in an increasingly tighter range.
The price has since stabilized at around $2.30, and the overall direction for ADA/USD remains uncertain.
Over the next 24 hours, Cardano is likely to recover some of its value. If a lower high is made, it’s possible that bearish momentum will continue through this week.
The price of Cardano is presently in a strong uptrend, with the new lower low being established following a significant decline. Bearish momentum, on the other hand, has run out, resulting in a reversal over the next 24 hours.
This post was last modified on October 18, 2021 11:20 am
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