TL;DR Breakdown
- Cardano price analysis is bearish today.
- ADA/USD briefly spiked above $2.30 resistance yesterday.
- Cardano is set to retrace before further upside.
ADA/USD is currently trading at $2.29, down around 13% on the week after an encouraging gain of nearly 15% yesterday. Given that upside was rebuffed yesterday following a brief spike above $2.30, Cardano price analysis suggests a bearish trend will follow as a result of this rejection. As a result, we anticipate Cardano price will soon retrace lower, allowing ADA/USD to find support at the next major structure.
The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, gained 4.04 percent, while Ethereum gained 0.92 percent.
Cardano price movement in the last 24 hours: Cardano returns below $2.30 resistance
The price of ADA/USD has been largely stable over the last 24 hours, ranging from $2.2 to $2.233, indicating little change in volatility during that time. Trading volume has decreased by 21.23 percent and stands at $2.6 billion, while the overall market capitalization is now around $73.4 billion.
ADA/USD 4-hour chart: ADA set to retrace further?
On the 4-hour Cardano price analysis chart, we can see that after failing to stay above $2.30, the Cardano price has retreated.
The price of Cardano has been trading in a bearish trend for weeks. However, at the end of September, there was a higher low, signifying some bullish momentum building.
Following that, on October 1st, the market rallied higher, pushing ADA/USD to a new low of $2.30. This price action indicates that the market is now effectively trading in a tighter range.
After a retracement to $2.15, where another higher low was established, ADA consolidated. Yesterday’s spike above the previous high of $2.30 generated a technical bullish signal, implying that market momentum has once again become positive.
Cardano Price Analysis: Conclusion
The price analysis for Cardano is bearish for the next 24 hours, as a rejection of further gains was observed yesterday, resulting in a sluggish retracement today. As a result, we anticipate that ADA/USD will continue to fall over the following 24 hours, and that it will establish a new low.
While waiting for Cardano to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.
