Cardano Price Analysis: ADA bulls and bears remain within a tight spot at $2.15
Cardano price analysis is bullish today. ADA/USD set a lower low overnight. Cardano is likely to regain some of the loss today. Cardano price analysis is now bullish, with a new lower low being established after a solid decline over...
- Cardano price analysis is bullish today.
- ADA/USD set a lower low overnight.
- Cardano is likely to regain some of the loss today.
Cardano price analysis is now bullish, with a new lower low being established after a solid decline over the previous 24 hours. As a result, we expect ADA/USD to recover some of its loss later today as bears become weary.
Cryptocurrency heat map. Source: Coin360
The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum both traded in the red, with a loss of 2.88 and 2.99 percent, respectively. Meanwhile, Solana and VeChain (VET) dominate the market, with a gain of around 7.5 percent.
Cardano price movement in the last 24 hours: Cardano spikes below $2.15 previous low
During the last day, the ADA/USD pair fluctuated from a low of $2.13 to a high of $2.164, suggesting significant swings throughout that period. Volatility has increased by 27 percent, trading volume has increased by 27.43 percent and totaled $2.78 billion as of this writing, putting the coin in third place overall.
ADA/USD 4-hour chart: ADA set to reverse today?
On the daily chart, we can see Cardano’s price drop beginning to reverse as bears run out of steam after a significant fall.
ADA/USD 4-hour chart. Source: TradingView
Cardano’s price has remained stagnant for the previous several weeks. Cardano saw consolidation in a tighter range, with a lower peak at $2.30 near the start of October, after establishing a high low of $2.30 in early October.
The next higher high of $2.30 was followed by a lower low set during the subsequent retracement, which was below $2.15. As a result, the overall trend for ADA/USD is still unclear.
We may see Cardano’s price recover some of its losses in the coming days. If a lower high is broken, we can anticipate bearish momentum to continue into next week.
Cardano Price Analysis: Conclusion
Today’s Cardano price is in an upswing, according to most market forecasters. After a big drop, a new lower low was established today. Bearish momentum, on the other hand, has run its course, and we may expect a retracement in the next 24 hours.
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