Cardano Price Analysis: ADA retests $1.38 resistance, bulls not ready to push higher?

Cardano Price analysis

TL;DR Breakdown

  • Cardano price analysis is bearish today.
  • ADA/USD moved to $1.38 resistance overnight.
  • Rejection for further upside is seen right now.

Cardano price analysis is bearish today as we expect another retracement to follow after a retest of $1.38 resistance was met with rejection. Likely ADA/USD will set a higher low next before an attempt to break higher is finally made.

Cardano Price Analysis: ADA retests $1.38 resistance, bulls not ready to push higher? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen a slight bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, have gained 0.64 and 1.27 percent, respectively. Meanwhile, Cardano (ADA) has performed well, with a gain of almost 3 percent.

Cardano price movement in the last 24 hours: Cardano rallies back to $1.38 resistance

ADA/USD traded in a range of $1.31 – $1.38, indicating substantial volatility over the last 24 hours. Trading volume has declined by 23.93 percent, totaling $837.2 million, while the total market cap trades around $45.54 billion, ranking the coin in 6th place overall.

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

On the 4-hour chart, we can see the Cardano price rejecting further upside today at $1.38 as another test of downside likely needs to be made first.

Cardano Price Analysis: ADA retests $1.38 resistance, bulls not ready to push higher?
ADA/USD 4-hour chart. Source: TradingView

After a strong rally last week, the Cardano price saw a new swing high set at $1.60. However, a quick reversal followed, with an initial drop of around 13 percent to the $1.38 previous support.

More downside followed over the next days, leading to new support found at $1.30. Reaction to retest the $1.38 previous support as resistance was seen on Thursday before another quick test of the downside was made.

The $1.30 support reversed the Cardano price action again, leading the market to return towards the $1.38 resistance. Since further upside could not be broken, we expect ADA/USD to make another push lower today, likely to make a higher low.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bearish today as we saw the $1.38 mark hold the market from moving higher again. Therefore, ADA/USD likely will look to set a higher low next and attempt another break higher from there.

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

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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