- Cardano price analysis is bearish today.
- ADA/USD is currently trading at $1.35.
- Rejection for further upside is seen right now.
The Cardano price analysis is negative today as we anticipate another retracement following a test of $1.38 resistance, which was rejected. Next, ADA/USD will establish a higher low before breaking higher.
ADA/USD opens the session at $1.3430 after having reached a high of $1.37 during the day yesterday. The bears are in total control right now as the further upside is being canceled out by resistance seen at $1.3820, where I recommend waiting for another higher low formation to start buying ADA/USD again. However, if no buyers are waiting to buy off lower lows, I would expect price action to test support around 50% Fibonacci retracement level for a possible bullish correction towards the range resistance, which is around $1.32-$1.3340 area. Under this scenario, I anticipate an increase in volumes with strong support established just above the $1.30 key psychological level, which is also the lower limit of the symmetrical triangle breakout pattern developed on the ADA/USD 4-hour chart.
Key support sits around the 50% Fibonacci retracement level priced at $1.35, while key resistance is located at $1.3820 and then at the range resistance waiting to be tested at $1.40.
ADA/USD 4-hour chart: ADA looks to reverse?
On the 4-hour chart, we see that Cardano priced is rejecting additional upside today at $1.38, with another test of decline likely required first.
The Cardano price reached a new swing high of $1.60 last Monday, continuing its climb after another surge the previous week. A quick reversal ensued, with an initial fall of about 13 percent to the $1.38 previous support level.
The price fell further, bringing new support at $1.30 on Friday. On Thursday, the reaction to retest the $1.38 previous support as resistance was observed before another rapid test of the downside occurred on Friday.
Cardano’s price is expected to make another push lower today, likely towards the $1.38 support, after reversing at $1.30 and moving back toward the $1.38 resistance earlier in the session. ADA/USD will likely continue its decline today and establish a new low.
Cardano Price Analysis: Conclusion
Cardano’s price is bearish today, as we held the market back from rising further at $1.38. As a result, ADA/USD will most likely seek to establish another higher low and attempt a further advance from there.
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.