Cardano Price Analysis: We anticipate the bearish trend to seize within the next 24 hours

Cardano price analysis

TL;DR Breakdown

  • Cardano price analysis is bearish today.
  • ADA/USD is trading at $1.79.
  • Another local higher low is currently set.

Cardano‘s price continues to fall, as we expect the present consolidation beneath $1.90 to come to a close with a drop. As a result, ADA/USD will most likely make another higher low before resuming its ascent towards the $1.90 resistance later today.

Introducing longer-term outlooks for Cardano, we can see from the 1-day chart that it formed a higher low at $1.81 last night. On closer inspection, this is not the first time. The previous higher low was established at $1.75 on May 18th, which failed to herald an ADA/USD rally.

After that, Cardano’s price fell further until it reached $1.40 on June 6th, where another higher low was formed before the bulls initiated a strong reversal. This time around, they are failing to carry ADA/USD above $1.85; hence the bearish outlook is not about to change anytime soon on the short-term 1-day chart.

Cardano price analysis in the last 24 hours: Cardano unable to break above $1.85

The present consolidation may come to an end with this move back down towards $1.75, which will result in another higher low before continuing its ascent above $1.90 and after that towards $2.15 resistance level – we shall wait and see if this happens or not in the coming hours and days ahead of us, following which we’ll be able to plot a clearer longer-term outlook for Cardano price.

Looking further beyond this, as per the daily chart, Cardano’s price has been rising from a higher low at $1.75. Two higher lows were also formed after this point – one at $2.08 and the other at the most recent lower high of $2.30. After which ADA/USD dropped down to its present lower high at $1.80 today before it fell back below $1.85 earlier today

We can see that Cardano is still in an ascending channel (marked by blue lines) from current levels. The horizontal green line defined the channel resistance until recently, but currently, there’s no reason for ADA/USD to drop further after breaking above it. It would be a logical move to see Cardano’s price test the channel support at this level.

As for the 200-period simple moving average (SMA), we can see that Cardano is currently trading beneath it on the daily chart; hence there’s a strong likelihood of a bullish reversal once ADA/USD drops below $1.80 and closes today’s candle at this level – which will most likely manifest after another higher low is formed in the hours ahead of us.

ADA/USD 4-hour chart: $2.00 rejects Cardano 1-day rally 

With the 4-hour chart, Cardano’s price has continued to plummet, with the $1.90 still in place.

Cardano Price Analysis: We anticipate the bearish trend to seize within the next 24 hours 1
ADA/USD 4-hour chart. Source: TradingView

Cardano’s price remains contained between two key resistances. The first is the overhead resistance at $1.90, which was previously established as a major support level before turning into resistance. The other major upwards resistance sits at $2.15, which was also an important support level in the past before it became a challenging obstacle for Cardano bulls yesterday – just below this are lower highs are gradually being formed.

We can see that ADA/USD has failed to breakout above the upper boundary of its symmetrical triangle. Hence there’s no reason to believe that bulls will be able to carry Cardano price above $1.85 anytime soon.

On closer inspection, if we plot the Fibonacci retracement levels along with the latest Cardano rally, we can see that it is currently in a correction phase. As such, the $1.75 support level should provide strong support for ADA/USD if today’s earlier $1.80 lower high comes into play later.

Cardano Price Analysis: Conclusion 

In conclusion, Cardano price analysis shows that bulls have failed to carry it above $1.85 today. However, they are attempting to do so as we speak with their present attempt at breaking above the $1.90 resistance level.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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