Cardano Price Analysis: ADA consolidates around $2.1

TL;DR Breakdown

• Cardano price analysis is bearish today.
• ADA/USD saw a brief spike above $2.30 resistance yesterday.
• Cardano is currently trading at $2.1.

The Cardano price analysis is bearish today, as we expect more selling to follow after a strong rally ended yesterday with a move to $2.378. As a result, another retracement is expected before another rise can be made, which will require further consolidation.

Yesterday’s Cardano price analysis concluded that further downside was to be expected after the strong rally to $2.378 ended with a short-term top, which has indeed been confirmed after ADA/USD retraced before the descending wedge resistance at $2.301. Yesterday saw another attempt at this level, but no further upside was gained, and ADA/USD is now moving to retest the breakout point at $2.180.

The Billinger bands have started to move downwards as well, being a good indicator for further selling.

Today’s Cardano price prediction will see a downside break below $2.15 will result in another test of the previous breakout point at $1.951. This is a major support level, and it has not been tested. If it gives way, a further downside to $1.56 is likely in the medium term.

A breakout below $2.15 will result in a drop to yesterday’s low at $1.951, which has not been tested yet and could provide support if tested again after the expected sell-off.

ADA/USD 4-hour chart: ADA finds support at $2.0

On the 4-hour chart, we may see Cardano price finding some support at $2.0 after a powerful retrace earlier, suggesting that there could be more upside in the next hours.

ADA/USD 4-hour chart. Source: TradingView

The Cardano price rallied to $2.09 after a robust drop after October, finding support around $1.90 by the end of the month. After several days of consolidation, the first attempt to rise followed on November 3rd.

ADA/USD fell further and quickly returned to previous support levels as demand faded. Consolidation ended after the week when another rise began on Monday.

The MACD indicator is currently in the positive area, but it’s moving downwards. The EMA lines are decreasing and approaching each other, resulting in a brief price correction before another rise.

The RSI is in the positive area, and it was unable to break above 60, which means that ADA/USD is likely going to retrace further before finding support.

Cardano Price Analysis: Conclusion 

The Cardano price outlook for today is bearish, as we anticipate a further decline after a strong rally over the previous days. As a result, ADA/USD will most likely test further downside as it approaches the current support level of $2.0.

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.