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Cardano Price Analysis: ADA to retest downside before further recovery to $1.50?

Cardano Price analysis

TL;DR Breakdown

  • Cardano price analysis is bearish today.
  • ADA/USD recovered to $1.445 yesterday.
  • Bearish momentum slowly returned overnight.

Cardano price analysis is bearish today as we saw a slowdown for the recovery overnight around $1.445. Therefore, ADA/USD will likely retest the downside again and set a higher low before more upside can be seen.

Cardano Price Analysis: ADA to retest downside before further recovery to $1.50? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the green over the last 24 hours. Bitcoin gained 4.13 percent, while Ethereum 7.49 percent. Meanwhile, Cardano (ADA) trades almost neutral, with a gain of little over 1 percent.

Cardano price movement in the last 24 hours: Cardano recovers 20 percent, finds resistance at $1.445

ADA/USD traded in a range of $1.37 – $1.45, indicating substantial volatility over the last 24 hours. Trading volume has declined by 32 percent, totaling $2.88 billion, while the total market cap trades around $45.82 billion, ranking the coin in 6th place overall.

ADA/USD 4-hour chart: ADA looks to test downside again

On the 4-hour chart, we can see the Cardano price action slowing down its recovery overnight as resistance at $1.445 likely will lead to more downside later today.

Cardano Price Analysis: ADA to retest downside before further recovery to $1.50?
ADA/USD 4-hour chart. Source: TradingView

Cardano price has seen a steady decline over the past weeks from the last major swing high at $2.375. After reaching a new low last weekend at $1.42, ADA/USD had effectively retraced 40  percent.

At the beginning of this week, a consolidation around $1.60 followed until a quick spike higher on Thursday took the market to the previous local high at $1.76. From there, ADA  quickly reversed, starting to push lower with increasing momentum.

The Cardano price has spiked to the $1.20 mark by the beginning of Sunday, setting a strong lower low. Market quickly recovered around 20 percent during the day, leading to the current bearish momentum slowly regaining control below the $1.445 mark. 

Cardano Price Analysis: Conclusion 

Cardano price analysis is bearish today as we expect a further drop lower over the next 24 hours after resistance was found at $1.445 overnight. Therefore, ADA/USD should move to set another higher low before more upside can be reached next week.

While waiting for Cardano to move further, see our articles on How to mine Monero, XRP vs BTC, and DeFi Wallet Review.

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.

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