Cardano Price Analysis: ADA sets lower high at $2.24, further downside to follow today?
TL;DR Breakdown Cardano price analysis is bearish today. ADA/USD established a lower local high yesterday. Bearish momentum returns today. Cardano price analysis is bearish today as a local lower high was set late yesterday, leading to a slight decline...
TL;DR Breakdown
- Cardano price analysis is bearish today.
- ADA/USD established a lower local high yesterday.
- Bearish momentum returns today.
Cardano price analysis is bearish today as a local lower high was set late yesterday, leading to a slight decline overnight. Therefore, we expect bearish momentum to continue later today, with the $2.15 support likely tested again.
The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, gained 3.1 percent, while Ethereum was up by 0.81 percent. Meanwhile, Shiba Inu (SHIB) continues to be the best performer, with a gain of more than 70 percent.
Cardano price movement in the last 24 hours: Cardano sets lower high at $2.24
ADA/USD traded in a range of $2.17 – $2.26, indicating mild volatility over the last 24 hours. Trading volume has increased by 6.59 percent and totals $2.19 billion, while the total market cap trades around $69.8 billion, ranking the coin in 4th place overall.
ADA/USD 4-hour chart: ADA to test $2.15 support again?
On the 4-hour chart, we can see the Cardano price action slowly declining, with the $2.15 support targeted next.
Cardano price action continues to trade in an increasingly tighter consolidation range. After both a higher low and a lower high were set during the past weeks, XRP/USD direction for the medium-term is unclear.
Last week, bulls took XRP to the $2.3 mark, where a lower high was set after a higher low got established at $2.02 on the 29th of September. This week, bearish momentum has taken over again, resulting in a drop to $2.15, which serves as the middle of the trading range support/resistance.
Yesterday, Ripple price set another lower local high at $2.24, with bearish momentum returning overnight. Overall, Ripple should see further downside later this week. However, as long as the previous major swing low at $2.02 is not invalidated, we expect a continuation of the overall, several-week consolidation.
Cardano Price Analysis: Conclusion
Cardano price analysis is bearish today as another lower high was set late yesterday, with a further drop overnight. Therefore, we expect ADA/USD to continue lower over the next 24 hours and likely break below the closest support at $2.15.
While waiting for Cardano to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.
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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