Cardano Price Analysis: ADA fails to reach the $3 mark, set to retrace?

TL;DR Breakdown

• Cardano price analysis is bearish for today.
• ADA/USD consolidated around $2.8 over the last 24 hours.
• ADA is set to retrace further this week.

Cardano price analysis indicates bearish price action to follow over the next 24 hours as bears continued to slowly push the market lower. Therefore, we expect ADA/USD to see further downside, with the $2.46 mark as the next support.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with mixed results over the last 24 hours, with Bitcoin down by 1.35 percent. Ethereum has gained 5.3 percent, while Polkadot is the best performer, with a gain of 22.7 percent.

Cardano price movement in the last 24 hours: Cardano slowly retraces

ADA/USD traded in a range of $2.71 – $2.88, indicating a low amount of volatility over the last 24 hours. Trading volume has increased by 17.34 percent and totals $5.5 billion. Meanwhile, the total market capitalization trades around $89.47 billion, ranking the coin in 3rd place overall.

ADA/USD 4-hour chart: ADA targets the $2.46 support again?

On the 4-hour chart, we can see the Cardano price continuing to decline over the last 24 hours.

ADA/USD 4-hour chart. Source: TradingView

Cardano price action has traded with a strong bullish momentum over the past month. From the last major swing low of $1.02, ADA/USD has gained almost 200 percent as it reached $2.97 on the 26th of August.

From there, bulls were exhausted, and a retracement followed over the week, with support found at the $2.46 previous all-time high resistance, which now acts as a support. On Friday, ADA rallied again, this time setting a lower low at $2.947.

Since then, the Cardano price has moved slowly to the downside, with lower highs set over the weekend. Today bears continued to control the price action, indicating that we can expect further downside over the next 24 hours.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bearish for today as the market continues to decline after failing to reach above the $3 resistance on Friday. Since a lower high was set, we expect ADA/USD to see further downside later this week and look to retest the $2.46 support.

While waiting for Cardano to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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.