Cardano price analysis is bullish today as we have seen a strong drop earlier today, with previous support at $0.44. Since then, ADA/USD has reacted higher, indicating that more upside will follow over the next 24 hours.
The market has traded in the red over the last 24 hours. The leaders, Bitcoin and Ethereum, lost 5.63 and 7.75 percent, respectively. Meanwhile, the rest of the market followed close by with similar results.
Cardano price movement in the last 24 hours: Cardano continued to decline
ADA/USD traded in a range of $0.4362 to $0.4732, indicating strong volatility over the last 24 hours. Trading volume has increased by 10.5 percent, totaling $850.44 million, while the total market cap trades around $14.96 billion, resulting in a market rank of 8th place.
ADA/USD 4-hour chart: ADA ready to reverse?
On the 4-hour chart, we can see the Cardano price action reacting at the $0.44 mark, indicating that the several-day bearish momentum could be over. However, if further downside is reached, we could see an even further drop to the $0.42 next support tomorrow.
Cardano price action has failed to reach further upside after the previous resistance at $0.51 was broken last Sunday. ADA/USD peaked at just under $0.53 before returning back lower.
Early this week, previous local lows were broken, bringing ADA into further decline. Bearish pressure continued yesterday, forming slight consolidation at the $0.44 mark. However, reversal did not follow, as more selling continued overnight.
By the middle of the day, Cardano price had reached its previous low of $0.44. A slight higher reaction followed, indicating that the bears were exhausted. If the $0.44 mark continues to hold, we expect ADA/USD to push even higher later this week.
Likely another lower high will be set below $0.51. From there, bears should attempt to break the $0.44 support and $0.42 previous low.
Cardano price analysis: Conclusion
Cardano price analysis is bullish today as we have seen a strong decline end at the $0.44 support. Therefore, if further downside does not follow over the next 24 hours, we expect ADA/USD to reverse and head back higher later this week.