Cardano Price Analysis: ADA/USD bearish for the next 24 hours

Chainlink price analysis

TL;DR Breakdown

  • The Cardano price analysis is bearish.
  • The resistance for ADA is found at $1.38.
  • ADA/USD is currently trading at $1.33.

Today’s price analysis of the Cardano is bearish, but the market may recover as the bearish pressure eases later today. Today, as bears crushed the ADA price at the start of trading, it dropped to $1.34. The downward trend was halted when daily charts showed that prices were being reduced; therefore, the price is holding its position overall. The ADA price is now on the upswing, which means that some buyers are still around at this stage.

As the resistance for ADA is found at $1.38, if it can break through this level, we may see it breaking through the $1.40 barrier and beyond. However, such an action could not happen in a day or even trading hours because that would be too much to bear, even just in one day.

ADA/USD price movement in the kast 24 hours: ADA corrects again

Every time there was a bullish move by the Cardano price analysis, bears always managed to come back and take control of prices going down once again, which is why we are seeing a very quick recovery from a minute ago when the market turned bearish after bulls failed to hold their ground. As shown on today’s ADA/USD daily chart, another trend line has been created with resistance toward $1.33, which is another reason why the market retracted after bulls failed to push prices higher.

However, as long as there are buyers at this stage until it breaks through the previous trend line and drops below $1, putting a stop to any recovery attempt, then we can expect to see ADA trading between $1.30 and $1.38 levels for some time before attempting another recovery move during the day’s trading hours today. However, today’s bearish pressure may ease later today as bears start losing their grip on price action again towards the late hours of trading or early tomorrow morning since that is when there should be a big enough reaction from buyers pushing prices even higher than it already was just moments ago.

Cardano price analysis: Recent developments and further technical indications

The Cardano price chart for the past 4 hours shows that the price split was down at the start of trading, but some bullish efforts have emerged as a tiny green candlestick is forming on the 4-hour chart little by little. As the market becomes more widespread, ADA may recover to a certain extent over the day.

Cardano Price Analysis: ADA/USD bearish for the next 24 hours 1
ADA/USD 4-hour chart. Source: TradingView

The RSI curve, on the other hand, is still somewhat downward in this range and the lower half of the neutral zone, implying that price functions are under strain and that a green candlestick may become red as the RSI indicates a lack of momentum from the bullish side, with bears in control.

On the 4-hour chart, both volatility and strength are at an all-time high. The upper limit of the indicator, which is $1.50, represents ADA’s strongest resistance, while the lower limit of $1.28 represents ADA/USD’s greatest support. The moving average is currently valued at $1.34, with the price also at this level.

Cardano Price Analysis: Conclusion

In short, our today’s Cardano price prediction remains neutral even though buyers have pushed prices back at the start of today’s trading sessions. In the short term, there may be a trading range between $1.30 and $1.38 until ADA/USD starts dropping again.

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.
Sergio Goschenko

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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