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Cardano price analysis: ADA/USD pair is bullish for the next 24 hours

Cardano price analysis

TL;DR Breakdown

  • The Cardano price analysis is bearish.
  • ADA/USD is curently trading at $ 1.078.
  • Support for ADA/USD is present at $1.075.

Selling pressure has been built from the bearish side, which is a negative sign for Cardano. Following two days of a bullish trend, the market followed a bearish trend where ADA lost momentum.

The current state of ADA/USD is bearish but not strong. Currently, it is trading around $1.05, and the current price of Cardano is $1.077. The next resistance for ADA/USD is present at $1.116, which holds a significant role in the index of the previous low of $1.075.

ADA support is present at $1.075, and the next resistance is present at $1.116. The difference between these two levels is $0.041, less than 10%. This fact implies that Cardano has weak bullish potential because it could fall below or rise above this small gap in no time.

The Cardano price analysis shows that the support for ADA/USD is present at $1.075; if the price drops below this level, it will enter a strong bearish zone and might fall to $0,91 – $0,92 before stabilizing.

ADA/USD 1-day price chart: ADA continues to consolidate between two support points

The Cardano price analysis shows that ADA/USD follows a bearish trend. It has been falling from $1.115 and then tried to consolidate between two levels: $1.075 and $1109, which might bring another up or down move soon.

The price of Cardano is around $1.077 and is following a bearish trend as it is dropping from $1.115 to $1,099 levels, and now it’s trying to consolidate between these two levels, which might bring an up or down move soon.

The next resistance for ADA/USD is present at $1.116, which holds a significant role in the index of previous low in price action; this fact signifies very few chances of Cardano having bullish momentum when it moves to this level again.

Cardano price analysis: ADA/USD pair is bullish for the next 24 hours 1
ADA/USD 1-day price chart. Source: TradingView

The support for ADA/USD is around $1.075 levels and might have another strong resistance at $1.100 levels. The difference between these two levels is only $0,024, which has a very minimal impact on the future movement of Cardano, so it might drop to $0,91 – $0,92 before stabilizing again.

The next resistance for ADA/USD is present at $1.116, which holds a significant role in the index of previous low in price action; this fact signifies very few chances of Cardano having bullish momentum when it moves to this level again.

Cardano price analysis: Recent developments and further technical indications

The 4-hour price chart for Cardano price analysis shows that Cardano is trading below the moving averages, which brings another bearish signal when the price of ADA/USD is around $1.077.

Cardano price analysis: ADA/USD pair is bullish for the next 24 hours 2
ADA/USD 4-hours price chart. Source: TradingView

As mentioned in our previous Cardano analysis, the price of ADA has been following a bearish trend since breaking up from $1,117 support level and followed two days of a bullish trend where it was trading above both 50-days moving average and 100-days moving average.

4-hour chart Price action for ADA/USD is following a bearish trend as it has been falling from $1.115 to $1,099 levels, and now it’s trying to consolidate between these two levels. There are chances that Cardano might have another bullish momentum if the price of ADA/USD breaks up from the $1.075 resistance level, but the chances are very less.

The 4-hour price chart for ADA/USD shows that Cardano is trading below moving averages, bringing another bearish signal when the price of ADA/USD is around $1.077 levels.

Cardano price analysis: Conclusion

Cardano price analysis shows that the next resistance for ADA/USD is present at $1.116, which holds a significant role in the previous low in price action; this fact signifies that there are very few chances of Cardano having bullish momentum when it moves to this level 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.
William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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