Cardano Price Analysis: ADA fails to breach $1.40 previous high, market set for a reversal?
The post Cardano Price Analysis: ADA fails to breach $1.40 previous high, market set for a reversal? appeared on BitcoinEthereumNews.com. TL;DR Breakdown ADA rallied once again yesterday. Higher low set at the $1.30 mark overnight. Cardano likely to start...
TL;DR Breakdown
- ADA rallied once again yesterday.
- Higher low set at the $1.30 mark overnight.
- Cardano likely to start reversing this week.
Cardano price analysis indicates bearish momentum to follow over the next days as further higher high could not be set yesterday. Therefore, we assume bulls are finally exhausted, and ADA/USD is ready to move lower again.
The overall cryptocurrency market trades in the red over the last 24 hours. Bitcoin is among the worst performers, with a loss of 5.79 percent, while Ethereum remained relatively calm with a loss of 0.89 percent.
Cardano price movement in the last 24 hours: Cardano sets both a lower high and higher low
ADA/USD traded in a range of $1.30 – $1.38, indicating mild volatility over the last 24 hours. Trading volume has increased by 11.84 percent and totals $1.737 billion. Meanwhile, the total market capitalization trades around $42.5 billion, ranking the cryptocurrency in 5th place.
ADA/USD 4-hour chart: ADA set for a reversal?
On the 4-hour chart, we can see the Cardano price failing to breach the previous high, indicating that bulls have lost their momentum.
Cardano price action has seen a strong rally over the last week as the market gained more than 35 percent from the $1.02 previous low. Over the following days, ADA/USD rallied to the $1.40 resistance, where further upside was rejected.
What followed was a several-day sideways consolidation around the $1.30 mark and another attempt to move higher yesterday. The Cardano price could not reach the $1.40 previous high, indicating that bulls have become exhausted over the past days.
Overnight, we saw ADA/USD retest the $1.30 mark as a support, with a slightly higher low set. Therefore, Cardano is currently trading in an increasingly tighter range, which should result in a break lower later this week as bears finally want to regain some of the gain seen last week.
Cardano Price Analysis: Conclusion
Cardano price analysis is bearish for the upcoming days as bulls are exhausted after a strong rally last week, and a further higher high could not be set yesterday. Therefore, we expect ADA/USD to reverse later this week and look to test further lows.
While waiting for Cardano to reverse, read our guide on Satoshi Nakamoto, DeFi advantages, as well as Bitcoin fees.
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-2021-08-02/
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