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Cardano price analysis: ADA/USD continues consolidating between $0.246 and $0.27

Cardano price analysis

TL;DR Breakdown

  • Cardano price analysis was slightly bearish today
  • Cardano has local support set at $0.246 while the local resistance is at $0.27
  • For now, ADA/USD might continue consolidating sideways within the given range
  • The market’s sentiments are improving and hence Cardano may retest $0.27 soon

Cardano price analysis remained slightly bearish today. The coin has been trading in a range of $0.246 and $0.27 over the last few days after dipping straight from $0.31. Nevertheless, it looks like Cardano is gearing up for the bullish moment that it needs to retest $0.27.

1-day Cardano price analysis
Cardano Price Chart by TradingView

The 1-day Cardano price analysis gives us a quick look at the big picture. We can see the candles closing below the 9-period moving average recently. At the same time, the RSI is just slightly above 30. So, the market is not heavily oversold but still leans on that side.

The MACD indicator shows continuous improvement in the overall positive momentum. Based on this trend of the indicators on Cardano price analysis over the last few days, we can expect Cardano to slowly move up and retest $0.27 soon. It can happen over the next few hours, or perhaps a couple of days from now.

Cardano 24-hour price movement

In the last 24 hours, Cardano formed a downtrend until it reached $0.25 and then quickly leaped back up to a closing price of $0.259 near the day’s end. These were the lows and highs for Cardano today. Nevertheless, after closing above the 9-period moving average, Cardano now seems ready for its upward glide. In the next 24 hours, Cardano might retest $0.27.

4-hour Cardano price analysis

4-hour Cardano price analysis
Cardano Price Chart by TradingView

The 4-hour Cardano price analysis also shows that the market continues to trade in a range. The MACD indicators on the 4-hour charter further give signs that the bulls are indeed struggling. So, the bears might just eventually get exhausted causing Cardano to go up and retest $0.27. However, further up toward $0.31 is going to be a slow grind based on the current market conditions and overall buyer sentiments.

Cardano price analysis: Conclusion

Currently, Cardano is consolidating in a range of $0.246 and $0.27 and is expected to do so in the next few hours. After this, the coin may retest $0.27. Whether it will break higher or fall back lower would depend on the market conditions and the intensity of bulls at the point. As always, make sure that you are doing proper research before making an investment decision. For more information about Cardano’s prices in the future, consider reading our detailed Cardano price prediction article.

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.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and crypto. He also trades and invests in NFTs on the side, believing that NFTs will revolutionize many industries.

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