Cardano Price Analysis: ADA spikes to $2.25, set for a slow retracement today
TL;DR Breakdown ADA continued to rally yesterday. New swing high set around $2.25. Cardano is set to retest the $2 mark as support. Cardano price analysis is bearish for today as the market started to retrace overnight after establishing...
TL;DR Breakdown
- ADA continued to rally yesterday.
- New swing high set around $2.25.
- Cardano is set to retest the $2 mark as support.
Cardano price analysis is bearish for today as the market started to retrace overnight after establishing a new swing high around $2.25 yesterday. Therefore, we expect ADA/USD to retrace further later today and look to retest the $2 mark next.
The cryptocurrency market trades with a slight loss over the last 24 hours. Bitcoin has lost 3.6 percent, while 3.93 percent. Ripple (XRP) is among the best performers, with a gain of 9.5 percent.
Cardano price movement in the last 24 hours: Cardano retraces from $2.25
ADA/USD traded in a range of $2.04 – $2.25, indicating mild volatility over the last 24 hours. Trading volume has decreased by 2.6 percent and totals $7.6 billion. Meanwhile, the total market capitalization trades around $67.4 billion, resulting in a market rank of 4th place.
ADA/USD 4-hour chart: looks to retest the $2 mark
On the 4-hour chart, we can see the Cardano price action retracing over the past hours as bears look to retest the $2 mark as support.
Cardano price action has seen strong bullish momentum over the last weeks. From the $1.02 support, ADA/USD started to rally and increased by around 120 percent.
Additionally, the previous significant swing high resistance around the $1.90 mark was broken earlier this week, indicating a reversal in the overall market sentiment. However, currently, ADA/SD needs another retracement before we see further upside next week.
Overnight, the Cardano price action reversed and started to move towards the $2 support. This price action development should continue today as bears want to test further downside and set another higher low. Once a higher low is set, ADA should move towards the previous all-time high at $2.46 as no other resistance levels are seen until then.
Cardano Price Analysis: Conclusion
Cardano price analysis is bearish for the next 24 hours as bears started to push the market lower after a new swing high was set around the $2.25 mark yesterday. Therefore, we expect ADA/USD to reach the $2 support next and attempt to set a higher low from there.
While waiting for Litecoin to move further, read our articles on Bitcoin Futures, Physical Bitcoin, as well as Proof of Stake vs Proof of Work.
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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