- Cardano price analysis is bearish today.
- ADA/USD briefly spiked above $2.
- Closest support at $1.90.
The Cardano price analysis is bearish today, as the $2 mark once again halted further gains after a strong morning climb. As a result, we anticipate ADA/USD to fall in the following 24 hours.
Meanwhile, the overall cryptocurrency market is trading bearishly with most coins recording losses of up to 5%. Binance Coin, Solana, and Vechain are among the only few gainers on the one-day chart. Market leaders Bitcoin and Ethereum lost 0.72 and 0.34 percent respectively.
Cardano price movement in the last 24 hours: Cardano rallies back to $2, where resistance is still strong
The price of ADA/USD fluctuated between $1.96 and $2.00 throughout the day, highlighting significant volatility in the last 24 hours. Trading volume has risen by 4.24 percent to reach $2.67 billion, while the overall market cap is valued at about $66.3 billion, placing it in 5th place among
ADA/USD 4-hour chart: ADA set to move lower today?
On the 4-hour chart, we can see that the Cardano price is gaining momentum around the $2 mark, indicating that a short-term rally could be imminent above the $2.1 level.
ADA/USD 4-hour chart. Source: TradingView
The decline in Cardano’s value started to reverse at the end of October when a strong decline on the 27th of October took the market down to $1.80. A several-week-long consolidation above $2.10 triggered the fall lower.
After rising to $1.80, ADA/USD reversed and climbed back to the $2.05 level last week. Consolidation took place near $2 before another sluggish move brought the market to $1.90, where support was verified.
Following the formation of consecutive higher lows and lower highs throughout the previous days, Cardano price action has been trading in an increasingly tighter range. The upper boundary is presently tested, possibly resulting in another drop later today.
Finally, until a solid higher high or a reliable lower low is established, we anticipate ADA/USD to continue consolidating in an increasingly tighter range over the coming days.
Cardano Price Analysis: Conclusion
The Cardano price is down today, as further upside was rejected once again after a brief rise in the morning. As a result, we anticipate that ADA/USD will fall over the next 24 hours and test $1.90 support once again.