While the cryptocurrency market has a positive momentum today, Cardano price analysis remains has a somewhat balanced momentum and it seems like a tug of war is going between the bears and the bulls.
The crypto heat map above shows that most of the cryptocurrencies are the greens today except ADA/USD, which stays in the red zone. It appears that the conviction in Cardano is quite low right now since its moving in a different direction than the rest of the market.
Yesterday, the price of Cardano closed at $0.325. Today, the price is still hovering around this mark near the end of the day despite dipping to a day’s low of $0.318. So, there has been no net market movement in the last 24 hours.
Cardano 24-hour price movement
In the last 24 hours, Cardano has been moving in a range of $0.318 and $0.330. Within this range, the market has been quite volatile and is the price is consistently rising and falling every hour. Overall, there has not been much change in the market cap of cardano in the last 24 hours. However, the trading volume has gone down by 41 percent, bringing its 24-hour volume to market cap ratio at 0.0307.
4-hour Cardano price analysis: Can ADA/USD dip lower?
Well, our 4-hour Cardano price analysis suggests that a tug of war is going on between the bears and bulls for Cardano. This means that Cardano can move in any particular direction in the next few hours. However, despite its strong bearish sentiments, it is not expected to stray further away from the overall market’s course, which is slightly bullish.
Cardano price analysis: Conclusion
As of the today, Cardano seems to be fairly volatile in the range of $0.318 and $0.330. However, considering its strong bearish sentiments, it has the potential to further dip. There is a lot of uncertainty in Cardano’s market right now, which makes it an unsuitable investment for the short term.
However, if you are interested in knowing Cardano’s prospects in the long-term, consider reading our detailed Cardano price prediction.