- Cardano price analysis is bearish today.
- ADA/USD briefly spiked above $2.
- Closest support at $1.90.
Cardano price analysis is bearish today as the $2 mark prevented further upside after a quick rally in the morning. Therefore, we expect ADA/USD to move lower over the next 24 hours.
Cardano price analysis begins by looking at the 1-hour chart. ADA/USD grew from $1.917 to $1.972 in early trade before retreating below the psychological level to around $2.02 yesterday. The pair briefly spiked above $2.00 but failed to break the high when selling pressure kicked in.
Cardano price movement in the last 24 hours: Promising signals
The ADA/USD daily chart shows that the price is under bearish pressure below $2.00. If anything, Cardano appears to have crossed into oversold territory with its 14-day relative strength index at 30, one of the weaker readings this year.
ADA/USD Technical Analysis ADA/USD briefly rallied above the $2 mark but was cut short as expected. Meanwhile, we expect Cardano price analysis to continue down today and now see a downside risk towards the 61.8% Fib retracement level of $1.90.
Therefore, there is room for selling pressure towards the $1.90 level, which might support ADA since it supported price action during last week’s decline.
ADA/USD 4-hour chart: ADA set to move lower today?
On the 4-hour chart, we can see the Cardano price rejecting further upside around the $2 mark, indicating another push lower will follow today.
The Cardano price decline had resumed with bearish momentum at the end of October when a substantial decrease on the 27th of October took the market to $1.80. The drop was caused by a several-week-long consolidation above $2.10 over the previous several weeks.
We expect ADA/USD to continue lower from here and might even fall back towards the $1.60-$1.70 support area. Before that happens, however, there is a chance of a minor correction occurring today.
The Stochastic Oscillator is heading north, but the momentum has faded, indicating that ADA/USD might not break $2 anytime soon.
Since both higher lows and lower highs have been set over the past few days, Cardano’s price action effectively trades in an increasingly tighter range. Currently, the upper boundary is tested again, likely leading to another drop lower later today.
Cardano Price Analysis: Conclusion
The Cardano price is bearish today, as higher upside was rejected yet again after a brief jump in the morning. As a result, we expect ADA/USD to drop over the next 24 hours and test its $1.90 support once more.
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