Cardano Price Analysis: ADA/USD is bullish for the next 24 hours

TL;DR Breakdown

• Cardano price analysis is bullish today.
• ADA/USD set a lower low overnight.
• Cardano is currently trading at $2.1.

The price of Cardano is plummeting today, with the ADA/USD rate declining to a new low after a substantial drop over the last 24 hours. As a result, we predict that ADA/USD will recover some of its losses later today as bears run out of steam.

Cardano price movement in the last 24 hours: Cardano retraces near $2.09

ADA/USD has fluctuated over the last 24 hours in a range of $2.08 to $2.24, suggesting significant fluctuations over the previous 24 hours. Trading volume was up 27.43 percent and stood at $2.78 billion, putting it in the 10th position by market capitalization. Overall market capitalization was about $70 billion, placing it in the 10th position by market cap.

ADA/USD has continued to slide, falling even farther after breaking below the $2.15 support level, set as a new lower low.

We predict that Cardano will pick up later today after bears run out of steam near the $2.15 level; however, we expect resistance at this rate due to bearish pressure in the market during late trading hours yesterday and early morning trading today. As such, traders should look for shorter positions with tight stops until further signals are given by technical indicators on the daily time frame chart.

ADA/USD is down nearly 16 percent over the last 24-hours amid increasing selling volumes suggesting an increase in sell momentum driving prices below the key support level at $2.1.

ADA/USD is trading below the $2.2 price level and seems to be flirting with a possible break out of the daily Ichimoku cloud, thus opening up further losses in the near term.

ADA/USD 4-hour chart: ADA bullish prediction

On the 4-hour chart, we see the Cardano price begin to reverse as bears are exhausted after a powerful slide.

Today Cardano is starting with some good momentum as it attempts to recover from its recent loss against USD value over the past 24 hours, which saw prices drop for most of yesterday. Still, it seems like there might be some positivity coming into play as ADA/USD set a new low for the week at $2.076848.

Cardano’s price has remained rather flat for the last several weeks. Following the establishment of a higher low at $2 in early October, a lower high was formed at $2.30 at the start of the month, suggesting consolidation in an increasingly tighter range.

Since Monday, ADA/USD has been trading inside the Ichimoku cloud, suggesting that ADA will continue to remain in a downward trend. However, today’s candlestick closed above the conversion line and slightly below the baseline. This indicates if prices can break out of this resistance level, they are likely to find immediate support at $2.155750, followed by an increase towards$2.19.

Cardano is expected to recover some of its value during the next 24 hours. If a lower high is made, bearish momentum will likely continue into this week.

Cardano Price Analysis: Conclusion 

After a run-up to $2.4 on September 28, ADA/USD posted an impressive gain that was followed by establishing a higher low at $2.09 in early October, which suggested consolidation within an increasingly tighter range following this small bull run.

Our prediction is that Cardano will pick up later today after bears run out of steam near the $2.1 level; however, we expect resistance at this rate due to bearish pressure in the market during late trading hours yesterday and early morning trading today. As such, traders should look for shorter positions with tight stops until further signals are given by technical indicators on the daily time frame chart.

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.