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Cardano price analysis: Bulls to the rescue as ADA bears target critical $1.0 support

Cardano price analysis

TL;DR Breakdown

  • Cardano price analysis continues to trade in a bearish zone
  • Consolidation pattern near $1.05 region may give way to bear attack
  • ADA/USD may target higher levels as price rebounds in hourly intervals
  • The crucial support at $1.00 will decide the coin’s future
Cardano price analysis: Bulls to the rescue as ADA bears target critical $1.0 support 1
Cryptocurrency heat map Source: Coin360

Cardano price analysis is slowly turning neutral as the bears take a breather near the $1.05 support zone. However, the break may be just another halt before the plunge towards lower support at $1.00. The current chart’s lower boundary hints at another downtrend that negatively affects the bullish reversal.

As the token rebounds from lower lows near $0.9715, the ADA/USD pair will likely follow the prevalent crypto sentiment, i.e., consolidation. Presently, the bearish Cardano price analysis shows that the pair may move in a tight range, which can spell trouble for buyers waiting to enter the market near the $1.075 region.

Cardano price movement in the last 24 hours: Selling pressure eases as bears take a break

Cardano price analysis: Bulls to the rescue as ADA bears target critical $1.0 support 2
Cardano 1-day price chart Source: TradingView

The excessive selling pressure witnessed throughout this week has subsided. However, the buyers have not been aggressive in their purchases, meaning the market is neutral in the hourly charts. The ADA/USD pair may continue moving in the consolidation pattern as bears confront strong support near the $1.00 area.

The higher highs evident on the hourly charts of Cardano price analysis are not significant enough to take the pair to $1.075. Even as the ADA community looks towards a significant rebound, the pair will have to clear a major hurdle at $1.075 first to travel towards the $1.10 mark. The descending price channel is not helping the bulls either. Thus, expect more sideways movement for the next few days.

ADA/USD 4-hour chart: Lower price channel boundary probes $1.00 support

Cardano price analysis: Bulls to the rescue as ADA bears target critical $1.0 support 3
Cardano price chart Source: TradingView

The Cardano price analysis shows that the current chart pattern cannot drive the price either higher or lower. The strong support at $1.00 is shielding the bulls. The lower Bollinger Band is well within the $1.00 support region. The higher price at $1.19 represents the 38.2% Fibonacci retracement level which is likely the first target of the bulls.

Furthermore, the bulls will also look forward to creating a buying zone near the $1.28 region where the 50-day SMA lies. If we consider a highly bullish scenario, the higher levels in ADA/USD pair include $1.48 and then the $1.56 level where the 100-day simple moving average rests comfortably.

The ascending trend line on the hourly channel shows that the bullish pattern will likely take many halts along its upward journey. Any gains on the horizon will be closely watched by the bears ready to sell at the first opportunity.

Cardano price analysis conclusion: All eyes are on a solid bullish momentum

Any bullish price movement in the ADA/USD chart will target the $1.10 level first before taking out the $1.19 resistance. However, the bulls will have to maintain a strong buying momentum up to $1.28 before overbought levels recede the pair.

Bears will likely follow the descending price channel that promises a swift journey towards $0.95. Despite slight bullish reversal signs, the Cardano price analysis shows lower highs dominating the price spectrum on hourly and daily time intervals. For now, the all-time high of $3.1 looks like a far-fetched dream. With dropping volumes and muted crypto market, traders should expect sideways trading to last a few more sessions.

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.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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