Cardano Price Analysis: ADA breaks $1.75 support, more downside to follow?

TL;DR Breakdown

• Cardano price analysis is bearish today.
• ADA/USD broke past the $1.75 support.
• New low is currently set at $1.67.

Cardano price analysis is bearish today as we saw the $1.75 support broken with strong bearish pressure this morning. Therefore, ADA/USD should continue even lower later today to set a strong lower low.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has traded with mixed results over the last 24 hours. The market leader, Bitcoin, lost 0.28 percent, while Ethereum gained 2.67 percent. Meanwhile, Cardano (ADA) is among the worst performers, with a loss of 5.59 percent.

Cardano price movement in the last 24 hours: Cardano breaks below $1.75, looks to set a strong lower low

ADA/USD traded in a range of $1.67 – $1.81, indicating substantial volatility over the last 24 hours. Trading volume has increased by 54.74 percent, totaling $2.39 billion, while the total market cap trades around $56.17 billion, ranking the coin in 6th place overall.

ADA/USD 4-hour chart: ADA looks to drop further?

On the 4-hour chart, we can see bearish momentum still strong for the Cardano price action, likely leading to more downside later today.

ADA/USD 4-hour chart. Source: TradingView

Cardano price has seen continuous bearish momentum over the past weeks. After a sharp rally at the beginning of November, a new major swing high was set at $2.375. From there, ADA/USD saw a sharp reversal back towards previous lows.

More downside followed over the middle of November, leading to the $1.75 mark. After a retracement late last week, another clear lower high was set at $1.95 on the 20th of November.

Bearish momentum continued this week, leading ADA/USD back to the $1.75 support. After the Cardano price consolidated above the support yesterday, a clear break lower followed earlier today. Likely the bottom is not yet reached, meaning that we can expect more downside over the next days.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bearish today as we expect further downside to follow after a drop below the $1.75 support. ADA/USD is not yet ready to reverse and should see further downside later this week. 

While waiting for Cardano to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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