Cardano Price Analysis: ADA retraces to the $1.75 support, bears are in control

TL;DR Breakdown

Cardano price analysis is bearish on the 1-day chart.
ADA/USD failed to cross the $1.85 level yesterday.
Another local higher low is currently set.

The price of Cardano is presently dropping, as we anticipate the current consolidation beneath $1.90 to conclude with a drop. As a result, ADA/USD will most likely establish another higher low before returning towards the $1.90 resistance later today.

Data from the overall cryptocurrency market indicates the majority of the coins are trading in the red zone. Solana and CRO are the only gainers in the last 24-hours with 3.56 and 12.56 percent respectively. Market leaders Bitcoin and Ethereum shed 2.97% and 4.2% of their value.

Cardano price analysis in the last 24 hours: Cardano unable to break above $1.85

Throughout the previous day, the cryptocurrency ADA/USD has fluctuated within a band of $1.731 to $1.831, suggesting little movement. Trading volume has plummeted by 32.25 percent and is now at $2.34 billion, putting it in sixth place worldwide, while market capitalization stands at roughly $61 billion, placing it in fourth place.

ADA/USD has not risen in value overnight, it has stayed within the same range. As it stands, we anticipate Cardano to break higher following its retest of $1.90 support, with steady gains set to follow on the back of a rising trend line.

ADA/USD 4-hour chart: $2.00 rejects Cardano 1-day rally

With the 4-hour chart, Cardano’s price has continued to plummet, with the $1.90 still in place.

During the past several weeks, Cardano’s price has been moving violently downward. ADA/USD hit a high of $2.375 on November 9, after a several-day consolidation at the start of November.

After the bulls drove prices back up to $2, investors were pleased by how quickly they arrived. On November 16th, the consolidation was brought to a close when price fell another $0.85 to $1.95, suggesting overall market weakness.

Cardano’s price skyrocketed above $1.90 for the first time in one week after it broke below $1.76 and was now testing the $1.76 support level for the first time since prices bottomed out in early 2021. Yesterday’s activity produced two new lows and two new highs, suggesting that a consolidation region had formed beneath

Cardano Price Analysis Conclusion

The Cardano price is in fantastic shape right now, with bulls propelling the market to new heights. We anticipate that the current consolidation beneath $1.90 will conclude soon, allowing ADA/USD to make another higher low throughout the following hours before attempting to rise further.

While waiting for Cardano to move further, read our guides on eToro vs Coinbase, How to mine Cardano Classic, and Cardano vs Cardano.

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.