Cardano Price Analysis: ADA reverts to $2.15 support, will a downtrend take place?
TL;DR Breakdown Cardano price analysis is bearish today. ADA/USD established a lower local high yesterday. Bearish momentum returns today. The Cardano price analysis is bearish today, as a local lower high was established late yesterday, resulting in a minor...
TL;DR Breakdown
- Cardano price analysis is bearish today.
- ADA/USD established a lower local high yesterday.
- Bearish momentum returns today.
The Cardano price analysis is bearish today, as a local lower high was established late yesterday, resulting in a minor drop overnight. As a result, we expect downward momentum to continue later today, with the $2.15 support threatened again.
Cryptocurrency heat map. Source: Coin360
The market was in a mixed mood over the previous 24 hours. Bitcoin rose 6.8%, while Ethereum increased by 1.02%, making it the market leader. Meanwhile, Shiba Inu (SHIB) continues to lead the pack, having risen more than 70% since its low of December 17th.
Cardano price movement in the last 24 hours: Cardano sets daily low at primary support $2.15
The ADA/USD pair had a range of $2.15 to $2.216 over the course of today’s session, implying little volatility over the previous 24 hours. Trading volume has gone up by 6.59 percent and is now at $2.19 billion, putting the market capitalization at around $69.8 billion, placing
ADA/USD 4-hour chart: ADA eyes to break $2.2?
On the 4-hour chart, we can see Cardano’s price fall gradually, with the $2.15 support target in sight.
ADA/USD 4-hour chart. Source: TradingView
Cardano price action remains confined in a more restrictive consolidation range. The long-term course for XRP/USD is uncertain, after two highs and two lows were established during the previous weeks.
On the 7th of October, bulls drove XRP to $2.3, where a lower high was established after a higher low was formed on the 29th of September at $2.02. This week, bearish momentum has resumed, with XRP falling to $2.15, which is the midpoint between trading range support.
Cardano Price Analysis: Conclusion
The Cardano price is in a bearish trend today, with another low established late yesterday and another drop overnight. As a consequence, ADA/USD will most likely continue to fall throughout the next 24 hours, potentially breaking below the nearest support of $2.15.
Read some of our articles on Ethereum Classic, blockchain gaming, and the Metaverse as you wait for Cardano to record a positive gain.
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.
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