logo

Cardano Price Analysis: ADA drops to $1.50, recovery to follow?

Cardano Price analysis

TL;DR Breakdown

  • Cardano price analysis is bullish today.
  • ADA/USD broke past $1.60.
  • Support was found at $1.50.

Cardano price analysis is bullish today as we expect recovery to follow after a strong spike lower earlier today. Likely ADA/USD will move to retest the $1.60 previous support as resistance over the next 24 hours.

Cardano Price Analysis: ADA drops to $1.50, recovery to follow? 1
Cryptocurrency heat map. Source: Coin360

The market has seen a strong decline over the last 24 hours. The market leader, Bitcoin, lost 6.73 percent, while Ethereum 8.19 percent. The rest of the top altcoins follow, with Cardano (ADA) down by 8.68 percent.

Cardano price movement in the last 24 hours: Cardano breaks $1.60, spikes to $1.50

ADA/USD traded in a range of $1.53 – $1.75, indicating strong volatility over the last 24 hours. Trading volume has increased by 1.22 percent, totaling $3.219 billion, while the total market cap trades around $51 billion, ranking the coin in 6th place overall.

ADA/USD 4-hour chart: ADA rejecting further upside at $1.50

On the 4-hour chart, we can see the Cardano price currently testing the $1.50 mark, where support will likely be found.

Cardano Price Analysis: ADA drops to $1.50, recovery to follow?
ADA/USD 4-hour chart. Source: TradingView

Cardano price action has continued to trade in a strong bearish momentum over the past weeks. After a strong move higher to $2.375, a sharp reversal followed on the 10th of November, leading ADA/USD much lower later in the month.

After finding a new low at $1.60 earlier this week, a slight retracement followed to retest $1.75 previous support as resistance. From there, bearish momentum returned yesterday, leading to a spike lower over the past hours.

Currently, we see the Cardano price respecting support at $1.50. Likely we will see the previous support at $1.60 retested as resistance before ADA/USD continues lower over the following days.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish today as we expect recovery to follow after a strong drop lower earlier today. Therefore, ADA/USD should see previous support at $1.60 retested as resistance.

While waiting for Cardano to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

Related News

Hot Stories

How to Stake Spell Token: Earn up to 20% APY
Gala is announcing a partnership with Stick Figure Productions to distribute Four Down on the Blockchain
Ethereum price analysis: ETH briefly breaks $1,900, ready to retrace?
BlackRock launches spot BTC private trust
Solana price analysis: SOL shows slight declining dynamics at $43.5

Follow Us

Industry News

BlackRock launches spot BTC private trust
Tornado Cash few accounts unblocked as dYdX affirms it adhered to Treasury’s ban
Renbridge Used by Cybercriminals to Launder $540M by Chain Hopping
Hotbit halts trading activities on its platform
Coinbase records $1 billion loss in Q2