Cardano Price Analysis: ADA still bearish below $2.4 zone
TL;DR Breakdown ADA/USD is trading bearishly on our Cardano price analysis Cardano traded within a range of $2.359 – $2.407. Supply zone between $2.3 – $2.5 ADA/USD is trading bearishly on our Cardano price analysis following a correction from...
TL;DR Breakdown
- ADA/USD is trading bearishly on our Cardano price analysis
- Cardano traded within a range of $2.359 – $2.407.
- Supply zone between $2.3 – $2.5
ADA/USD is trading bearishly on our Cardano price analysis following a correction from the $2.40 zone into the lower zone at $2.35. The bears have been at play for the better part of the week since Monday’s Alonzo upgrade. The downward correction could be a result of heightening selling pressure caused by buy the ‘rumour, sell the news’feuds.
The overall cryptocurrency market is trading with mixed signals with Bitcoin breaking above the $47K level and Ethereum recording a 2.04 percent gain. Solana is emerging once again as the worst performing cryptocurrency after correcting to the $161 level.
Cryptocurency Heatmap by Coin360Cardano 24-hour price movement: DeFi will drive ADA accumulation
ADA/USD on our 24-hour Cardano price analysis traded within a range of $2.359 – $2.407. The tight range suggests the mild volatility taking place across the technical charts. The coin has been hovering below the $2.5 resistance for the better part of the day after the supported flipped into a price barrier early on Monday. $3 is still the psychological support and the bulls are optimistic on ADA accumulation by DeFi developers and users, which will steer the price upwards.
Cardano 4-hour chart: heightening selling pressure will result into a dip
Cardano attempted to stage an upward recovery and break the $2.4 minor resistance but the sharp upside was met by heavy rejection at $2.427. Resulting into medium red-candlestick closing on to the lower limit of the Bollinger Bands at $2.380. Short term swing traders have really been frustrated by the sad turn of events following the upgrade as some analysts had their bet on $5 post upgrade trend.
Cardano Price Chart by TradingViewThe short term analysis indicates massive selling pressure on the Cardano market which places heavy strain on any significant gains. Since Saturday night, ADA/USD is yet to break above its 5-day high of $2.80. As of this writing, the pair trades at $2.384. Ten out of the twenty six major technical indicators are all showing negative sell signals on the daily Cardano price analysis.
Cardano price analysis conclusion
Our 24-hour ADA/USD price analysis is bearish following failure to break out of a supply zone between $2.3 – $2.5. We do expect a slight upswing but it will be shortlived and Cardano will resume the bearish momentum. Check out our long term price prediction for Cardano and see where the coin could go in the next three years.
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 decision.
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