Cardano News

Cardano Price Analysis: ADA/USD is bearish as bulls prepare for a comeback

TL;DR Breakdown

  • Cardano price analysis is bearish today.
  • ADA/USD is currently trading at $1.35.
  • Bearish momentum slowly returned overnight.

The Cardano price analysis is bearish today, as we saw a slowing down for the revival overnight around $1.445. As a result, ADA/USD will most likely retest the downside again and establish a lower low before further gains are observed.

Cardano price movement in the last 24 hours: Bears controls ADA/USD market

The volatility is low, and the RSI indicates oversold conditions so that a bounce might happen sooner or later. However, it seems that the bears are in control of the market for now.

On the daily chart, we can see that ADA/USD has been downtrend since reaching a high of $2.28. The price has fallen by more than 35% and is currently trading at $1.35.

The downtrend is also visible on the RSI indicator, which is currently in oversold territory. This could lead to a short-term bounce, but the bears will likely continue pushing the price lower in the long run.

Overall, the Cardano price analysis is bearish today. The bears are in control, and the price is likely to fall further before a rebound occurs. The $1.3 handle is a key support level to watch, as a break below this could see the price fall towards $1 or even lower.

ADA/USD 4-hour chart: ADA continues to dip

On the hourly chart, we can see that Cardano’s price recovery has slowed down overnight as resistance at $1.445 is expected to produce additional losses later today.

ADA/USD 4-hour chart. Source: TradingView

Looking at the 4-hour chart, we see that the bulls are currently trying to hold the $1.445 support level. However, a break below this could see the price fall towards the $1.3 handle.

Cardano’s price has been declining since last month, when it reached a high of $2.375, with few fluctuating points in between. ADA/USD had effectively retraced 40% after dropping to a new low on Sunday at $1.42.

On Monday, the cryptocurrency market experienced a brief consolidation around $1.60 before ending the week with a sharp jump up to $1.76, near its previous local high. ADA then swiftly reversed, beginning to move down with growing momentum.

The Cardano price has broken through the $1.20 mark throughout Sunday, establishing a solid lower low. The market rapidly recuperated around 20% during the day, resulting in the current bearish momentum gradually regaining control below the $1.445 level.

Cardano Price Analysis: Conclusion

The Cardano price is bearish today, with a further drop expected over the next 24 hours after resistance was discovered at $1.445 overnight. As a result, ADA/USD should continue establishing another higher low before more gains may be made next week.

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.

This post was last modified on December 6, 2021 8:06 am

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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