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Cardano Price Analysis: ADA breaks $1.40 resistance, peaks below $1.50

Cardano Price analysis

TL;DR Breakdown

  • Cardano price analysis is bearish today.
  • ADA/USD broke past $1.40 resistance yesterday.
  • New high reached at $1.50 overnight.

Cardano price analysis is bearish today as we expect a retracement to follow after a strong rally over the last 24 hours. ADA/USD has reached the next major resistance at $1.50, likely needing a retracement before more upside can be tested.

Cardano Price Analysis: ADA breaks $1.40 resistance, peaks below $1.50 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen a strong advance over the last 24 hours. The market leader, Bitcoin, gained 5.67 percent, while Ethereum 3.71 percent. Meanwhile, Cardano (ADA) trades with a 7.64 percent increase and is among the top performers.

Cardano price movement in the last 24 hours: Cardano consolidates above $1.30, spikes to $1.50

ADA/USD traded in a range of $1.34 – $1.49, indicating strong volatility over the last 24 hours. Trading volume has increased by 22.18 percent, totaling $1.97 billion. Meanwhile, the total market cap trades around $48.53 billion, ranking the coin in 6th place overall.

ADA/USD 4-hour chart: ADA looks to retrace?

On the 4-hour chart, we can see bearish momentum returning over the past hours as the Cardano price action likely will retrace next.

Cardano Price Analysis: ADA breaks $1.40 resistance, peaks below $1.50
ADA/USD 4-hour chart. Source: TradingView

Cardano price action has seen consolidation in an increasingly tighter range over the past weeks. After initially finding support at $1.20 on the 4th of December, ADA/USD saw several retests of it over the month.

ADA set the last lower high at $1.30 on the 19th of December. From there, the $1.20 support reversed the market again, this time sending the market to break higher.

The Cardano price action initially peaked at $1.37. However, bullish momentum continued yesterday after some consolidation, leading to a spike above $1.40 next resistance. Overnight, ADA/USD reached just below $1.50 before selling pressure returned again.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bearish today as we expect a retracement to follow later today as bulls are finally exhausted. Likely ADA/USD will move to retest previous resistance at $1.40 as support next.

While waiting for Cardano to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.

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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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