- Cardano price analysis chart is positive today.
- ADA/USD saw mild volatility in the last 24-hours.
- We anticipate ADA/USD to rise and move higher.
Cardano price analysis: General price overview
ADA/USD began the daily price analysis chart while the buyers took control of the market, causing the prices to surge, forming head and shoulder patterns. The bullish trend did not last long before the bears came in and caused a firm resistance that the buyers could not break through. The bears began to reverse the bullish trend. The buyers built a solid resistance at $2.30 that aided an upsurge to the intraday highs of $2.38
Cardano price analysis chart is positive today since both a high and low were established over the previous 24 hours. As long as the $2.25 support holds, we anticipate ADA/USD to rise and move higher.
Most digital assets are bleeding, as indicated by the daily cryptocurrency heat map. The two giant assets, Bitcoin and Ethereaum, are reading in negative market trends recording drops. Bitcoin price has dropped by 0.34 percent, while the second-largest digital asset has seen more than 4 percent price decline. Binance coin (BNB) is trading in the same direction, recording more than one percent price drop. ADA/USD has dropped by one percent, and it is currently trading at$2.37.
ADA/USD 4-hour chart: ADA set to reverse again?
The Cardano price has rejected further upside on the 4-hour chart, suggesting a reversal is on the way.
ADA/USD 4-hour chart. Source: TradingView
Cardano has seen significant consolidation recently, with ADA/USD beginning a several-week climb following an immediate spike to $3.05 swing high days before the Alonzo upgrade.
The Cardano price fell to around $2.5 at the end of August before rebounding by somewhere between 25 and 30 percent to $2.9. As a result, resistance was once again tested. The price dropped rapidly to $2.30 over the next week, where support was gained and retested several times.
On Monday, the Cardano price attempted to break through $2.49 support several times before being pushed back. This implies that sellers were still in charge. A decline to $2.30 occurred, followed by a consolidation period back up to $2.40 yesterday.
Cardano attempted to stage an upward recovery and break the $2.4 minor resistance, but the sharp upside was met by heavy rejection at $2.427. Resulting into medium red-candlestick closing on to the lower limit of the Bollinger Bands at $2.380. Short-term swing traders have really been frustrated by the sad turn of events following the upgrade, as some analysts had their bet on the $5 post upgrade trend.
Cardano Price Analysis: Conclusion
The Bollinger bands are wide on the four-hour price analysis chart, signaling a mild volatile market. Most technical indicators are positive, and we expect ADA to break above the $2.4 resistance in the next 24 hours.
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