Logo
Cardano Ecosystem

BitcoinEthereumNews

07/16/2022

·

321 views


Cardano price analysis: ADA abruptly finishes consolidation, spikes to $0.46

The post Cardano price analysis: ADA abruptly finishes consolidation, spikes to $0.46 appeared on BitcoinEthereumNews.com. Cardano price analysis is bearish today as we have seen further upside tested earlier today. ADA/USD has now reached the next resistance at $0.46,...

Cardano price analysis: ADA abruptly finishes consolidation, spikes to $0.46

Cardano price analysis is bearish today as we have seen further upside tested earlier today. ADA/USD has now reached the next resistance at $0.46, indicating that another retest of the downside is due next.

 ADA abruptly finishes consolidation, spikes to $0.46 1Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 1.9 percent, while Ethereum by 8 percent as it was one of the top performers. The rest of the top altcoins followed close by.

Cardano price movement in the last 24 hours: Cardano fails to reverse just yet

ADA/USD traded in a range of $0.4325 to $0.4579, indicating mild volatility over the last 24 hours. Trading volume has declined by 8.89 percent, totaling $661.92 million, while the total market cap traded around $15.4 billion, ranking the coin in 8th place overall.

ADA/USD 4-hour chart: ADA rejected at $0.46

On the 4-hour chart, we can see a reaction lower as soon as the Cardano price hit the $0.46 next resistance. Likely this development will lead ADA lower by the end of the week.

 ADA finishes consolidation, spikes to $0.46ADA/USD 4-hour chart. Source: TradingView

Cardano price action has managed to set a strong new swing low over the course of this week. After several days of decline, ADA/USD spiked below $0.415 support, with a clear reaction seen immediately.

From there, a reaction to $0.44 indicated that strong retracement would likely follow later in the week. After some more consolidation, ETH did indeed spike higher once more during the middle of the day, reaching the next resistance at $0.46.

Overall, Cardano has retraced 14 percent, indicating that another major wave could soon follow. If the previous local low and consolidation area gets broken, we expect ADA/USD to drop even lower over the course of next week. Alternatively, if a higher low is set, we could see the $0.46 resistance broken.

Cardano price analysis: Conclusion 

Cardano price analysis is bearish today as the market has broken out of the previous consolidation and found resistance at the $0.46 next resistance. Therefore, another retest of previous lows can be expected over the rest of the weekend. If another local higher low is set, we expect ADA/USD to continue even higher.

While waiting for Cardano to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

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.

Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-07-16/

Post navigation

AD

World’s First Multi-Token ISPO — By Genius X - Starts on 12th of September, epoch 363!

Genius X, a revolutionary launchpad and business accelerator helping Web3 startups attain speed, scale, and edge, is thrilled to announce the world’s first Multi-Token ISPO.I WANT TO KNOW MORE!


Read Original Article on BitcoinEthereumNews

ORIGINAL SOURCE

https://bitcoinethereumnews.com/economy/...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


More from BitcoinEthereumNews

See more
This is the Level ADA Bulls Need to Break to Reverse the Momentum (Cardano Price Analysis)
BitcoinEthereumNews
This is the Level ADA Bulls Need to Break to Reverse the Momentum (Cardano Price Analysis)

today at 5:00 PM

·

101 views

Related News

See more
WingRiders Governance Token

Featured News

See more

Featured ISPOs

Genius X
GENSX ISPOACTIVE

250M $GENSX · Ends in 09/12/2022


Featured Projects

Ada Handle
Ada Handle

NFT

Featured

Featured Events

Cardano Summit 2022
Cardano Summit 2022

11/20/2022 - 11/22/2022 · Lausanne, Switzerland


    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)
Bringing Fixed Assets (CNFT & CNT) Lending & Borrowing to CardanoWorld’s First Multi-Token ISPO — By Genius X