Cardano Price Analysis: ADA slowly continues to retrace, set to test $2 today?

TL;DR Breakdown

• Cardano price analysis is bearish today.
• ADA/USD continued to decline overnight.
• Closest support for ADA at $2.

Cardano price analysis is bearish for today as the market continued to decline over the last 24 hours after some consolidation around $2.25 yesterday. Therefore, we expect ADA/USD to reach further downside over the next 24 hours and test the previous swing low next.

Cryptocurrency heat map. Source: Coin360

The overall market traded bearish over the last 24 hours, with the market leaders, Bitcoin and Ethereum, down by 4.28 and 6.35 percent, respectively. Meanwhile, Cardano (ADA) is among the worst performers, with a loss of 5.72 percent.

Cardano price movement in the last 24 hours: Cardano continued to decline

ADA/USD traded in a range of $2.11 – $2.25, indicating mild volatility over the last 24 hours. Trading volume has declined by 27.88 percent and totals $2.78 billion, while the total market cap trades around $67.6 billion, ranking the coin in 4th place overall.

ADA/USD 4-hour chart: ADA targets $2 next?

On the 4-hour chart, we can see the Cardano price continuing to decline as bearish momentum has returned this morning.

ADA/USD 4-hour chart. Source: TradingView

The overall Cardano price action development has been bearish so far this month. After a new major swing high was set at $3.1 on the 2nd of September, a strong retracement followed, with a spike lower on the 7th of September.

Support was established at around $2.25, where a several-day consolidation was seen in an increasingly tightening range. However, on the 20th, another spike lower took the Cardano price to the $2 mark.

From there, ADA/USD saw a slight advance last week, with another lower high set at $2.46. Bears took over the market momentum again over the weekend, with a slow decline seen since, indicating further downside to follow.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bearish for today as bears continued to push the market lower overnight. Therefore, we expect ADA/USD to drop further today and likely test the previous swing low around $2.

While waiting for Cardano to move further, read our guides on NFT Games, CoinJar, as well as Bitcoin Memes.

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.