Cardano Price Analysis: Cardano bulls fade off as coin breaks below $1.40

TL;DR Breakdown

  • Today’s Cardano price analysis is bearish.
  • Today’s Cardano price range is between $1.34 and $1.38.

Today’s Cardano price analysis is bearish after breaking below the $1.4 level overnight. In the last 24 hours, the ADA/USD pair fell by over 6.2%, resulting in a lower high of $1.388. As a result, we believe that the cryptocurrency market will continue to rise throughout the day.

The overall cryptocurrency market is currently trading in the red area, according to the daily Coin360 heatmap. Bitcoin’s and Ethereum‘s have lost 1.47 and 1.27 percent respectively. With a 24-hour increase of 2.7, Polkadot is the best gainer.

Cryptocurrency heat map. Source: Coin360

The crypto market overall saw strong selling pressure over the last 24 hours. The market leader, Bitcoin, declined by 1.54 percent, while Ethereum 1.14 percent. Meanwhile, the rest of the top altcoins follow with even bigger losses.

Cardano Price Movement in the Last 24-hours: Mild volatility 

The Cardano price ranges from $1.342 to $1.388 today. The range is narrow, suggesting little market volatility. The current price is a reflection of the 20-day EMA, which is a positive indication. The only issue is that demand has been decreasing as the price rises far above the December 4 high of $1.

Meanwhile, the number of transactions fell by 11.24 percent compared to yesterday, while the market capitalization rose by 4.66 percent as a whole. Cardano is currently ranked #6 among the top 10 cryptocurrencies by market value, according to Coin Market Cap.

4-hour Cardano price analysis

The 4-hour Cardano price chart indicates that the price is approaching $1.44, and it has already hit $1.433. There’s a possibility that Cardano will return to its daily low of $1.418. However, as a result of the current bullish momentum, the coin may consolidate its position and charge towards the $1.5 resistance level.

ADA/USD 4-hour chart. Source: TradingView

Cardano’s price has been declining gradually for weeks now, from the previous major swing high of $2.375. ADA/USD fell to a new low last Monday at $1.42, having recouped almost 40% in value since its peak just six days prior.

On Monday, the market fell back to its previous local low at $1.60 before a quick rise on Thursday pushed it to the prior day’s high of $1.76. ADA then rapidly reversed, with increasing momentum, and began pushing downward.

By the time Sunday morning arrived, Cardano’s price had advanced to $1.20, establishing a solid lower low. The market swiftly recovered around 20 percent during the day, resulting in the present bearish momentum gradually regaining power below the $1.445 level.

Cardano price analysis conclusion

The Cardano price is falling today, with a 6.2 percent drop since yesterday. After gaining control of the market prior to the smart contracts launch, the bulls have lost their grip. We anticipate that the bears will continue to control the market and chalk even more losses before the day ends.

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Richard Adrian

Written by 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.