- Cardano price analysis is bearish today.
- ADA/USD found resistance at $1.30.
- Support at $1.20 is likely to be tested next.
Cardano price analysis is bearish today as we have seen the $1.30 mark stop further advance twice. Therefore, ADA/USD should move for a deeper retracement before more upside can be seen.
Cardano price movement in the last 24 hours: Cardano rejects upside at $1.30 again
ADA/USD traded in a range of $1.23 – $1.30, indicating a moderate amount of volatility. Trading volume has decreased by 32.67 percent, totaling $1.36 billion. Meanwhile, the total market cap trades around $42.43 billion, ranking the coin in 7th place overall.
ADA/USD 4-hour chart: ADA looks to decline again?
On the 4-hour chart, we can see selling pressure returning for the Cardano price action as the $1.30 mark prevented further upside again.
Cardano has seen a strong recovery this week after previously declining as low as $1.08. Strong rejection for further downside was seen on the 10th of January, leading to a sharp reversal.
Over the next days, ADA/USD moved above previous highs until it peaked at $1.35 on the 13th of January. Since then, the market retraced to $1.23 before attempting to test more upside.
Resistance was seen at $1.30 this time, sending the Cardano price lower again. Not much downside followed before another spike to $1.30 was seen. Since more upside was rejected again, we assume ADA//USD is still bearish, and more downside will be tested over the next days.
Cardano Price Analysis: Conclusion
Cardano price analysis is bearish today as we have seen another rejection for upside late yesterday. Therefore, we assume ADA/USD will drop again, with the next support level located at $1.20.