Cardano Price Analysis: ADA rejects upside at $2 mark, another reversal to follow?

TL;DR Breakdown

• Cardano price analysis is bearish today.
• ADA/USD briefly spiked above $2.
• Closest support at $1.90.

Cardano price analysis is bearish today as the $2 mark prevented further upside again after a quick rally in the morning. Therefore, we expect ADA/USD to move lower over the next 24 hours.

Cryptocurrency heat map. Source: Coin360

The overall market traded mostly with bullish momentum over the last 24 hours. The market leader, Bitcoin, gained 1.87 percent, while Ethereum was up by 1.47 percent. Meanwhile, Solana (SOL) and Shiba Inu (SHIB) were the top performers with over 10 percent gains.

Cardano price movement in the last 24 hours: Cardano rallies back to $2, where resistance is still strong

ADA/USD traded in a range of $1.92 – $2.02, indicating substantial volatility over the last 24 hours. Trading volume has increased by 4.24 percent and totals $2.67 billion, while the total market cap trades around  $66.3 billion, ranking the coin in 5th place overall.

ADA/USD 4-hour chart: ADA set to move lower today?

On the 4-hour chart, we can see the Cardano price rejecting further upside around the $2 mark, indicating another push lower will follow today.

ADA/USD 4-hour chart. Source: TradingView

Cardano price action has seen bearish momentum return at the end of October as a strong move lower on 27th of October took the market to $1.80. The drop lower was a result of a several-week-long consolidation above $2.10.

After spiking to $1.80, ADA/USD saw a rebound to the $2.05 mark later last week. Consolidation was formed around $2 before another slow move took the market to $1.90, where support was found.

Since both higher lows and lower highs have been set over the past days, Cardano price action is effectively trading in an increasingly tighter range. Currently, the upper boundary is tested again, likely leading to another drop lower later today. 

Ultimately, until a strong higher high or lower low is set, we expect ADA/USD to continue consolidating in an increasingly tighter range over the next days.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bearish today as further upside was rejected again after a brief spike higher in the morning. Therefore, we expect ADA/USD will move lower over the next 24 hours and test the $1.90 support again.

While waiting for Cardano to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.

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.