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Cardano Price Analysis: ADA/USD sets lower high at $1.89

ADA USD price analysiS

TL;DR Breakdown

  • Cardano price kicked off the day strong with the price trading at $2.02.
  • The price action could not hold above the $1.90 resistance and fell to a daily low of $1.759.
  • Bulls are preparing to pick up momentum and cross past resistance at $2.10

Cardano (ADA) rose to the top of the market at the close of yesterday’s session, but fell rapidly over the next several hours, opening the 1-day chart below $1.9. ADA was able to recover near $1.90 but was soon hit by a sharp selloff. The price of Cardano continued to slide until it hit a daily low of $1.813.

Cardano was unable to break past the $2.10 resistance and is currently trading at a price of around $1.855 as of the time of writing.

Bulls are preparing to pick up momentum and cross past resistance at $2.10. Bulls will then attempt to break above the next significant resistance level at $2.25, which will set the tone for a possible move towards the next significant resistance level at $2.45.

The price of Cardano dropped to a daily low of $1.759 as the market factors weighed on it. As a result, the price was unable to hold above $1.90 and tumbled to a daily low of $1.759. While we anticipate that Cardano’s price will rise and break past the $2 psychological barrier, it is expected to happen within the next few days.

The current market sentiment favours Cardano, as there does not seem to be any significant reason that will hinder Cardano’s price from rising past $2 in the short term. There is a good probability that Cardano might even test its all-time high at $2.35.

Cardano Price Analysis: ADA/USD sets lower high at $1.89 1
Cryptocurrency heat map. Source: Coin360

According to the cryptocurrency heatmap by Coin360, the overall market is trading in the red zone. Bitcoin and Ethereum have lost 3.17% and 4.65% respectively. Ripple (XRP) and Binance Coin (BNB) are the worst losers of the day after dropping by more than 5%.

1-day Cardano price prediction chart: ADA sets lower high at $1.89

The Cardano price is set to rise as it attempts to move past its historic low. Our Cardano price prediction reflects a trading range of $1.8 and $1.89. This indicates little volatility during the last 24 hours. The trading volume for Cardano has grown by 90% and tested $2.190 billion.

The ADA prices started Monday on a wrong footing as it was unable to hold above $2 levels and plunged below $1.90 levels, closing at $1.868. The bullish momentum is gaining traction as bulls prepare to break past resistance.

The hourly Cardano price prediction chart depicts a high probability of recovery, with buyers pushing an ascent toward the $1.95 price level. ADA/USD is presently trading at $1.947, having gained ground throughout the day due to an increasing bullish momentum that may lead to a breakout by the end of the day.

Cardano price analysis
ADA/USD 4-hour chart. Source: TradingView

In the last week, the price of UADA/USD has been declining gradually. The price has been trading in a consolidation zone since the beginning of the month and has been able to hold above $2.0.

The buyers set a monthly high of $2.375 on the 10th, and the sellers came in and caused a drop two days later, pushing prices down to $1.935. The fall has created a tiny gap between bulls and bears, which is driving Cardano price fluctuations to stay within a tighter range.

Cardano price prediction conclusion

The bulls are readying to gain steam and surpass resistance at $2.10. The bears, on the other hand, continue to hold sway and aim for a fall towards the 200-day EMA at $1.71. In the meantime, expect an upswing on the 4-hour chart; but a downturn may occur as the bulls are unable to hold on to gains.

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.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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