Cardano price analysis: ADA/USD expected to spike to $2.6 in the next 24 hours

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

Cardano price analysis: General price overview

Cardano began her price analysis chart with a positive trend. The bulls controlled the market, pushing prices up by cup and handle patterns that took them to intraday highs of $2.5. The sellers erected a powerful barrier at the intraday highs, causing a falling price in a descending triangle. The resistance seems to be so strong as the bulls have not yet broken past the resistance.

ADA/USD is trading bearishly on our Cardano price analysis chart following a correction from the $2.40 zone into the lower zone at $2.42. The sellers 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.

ADA/USD expected to spike to $2.6 in the next 24 hours 1

Cryptocurrency Heatmap by Coin360

The overall cryptocurrency market is optimistic, as shown by the heat map. BTC, the most well-known digital currency, has increased by 1.66 percent and is trading at slightly below $48K, whereas the second-largest digital asset has also recorded a 5% increase and is currently trading at $3.5K.With the market continuing to strengthen, there are signs that altcoins are gaining ground as well. FTT is the top gainer of the day, with more than a 10 percent rise in price. Cardano is trading in the opposite direction recording a 2 percent price dip.

Cardano 24-hour price movement: DeFi will drive ADA accumulation

ADA/USD on our 24-hour Cardano price analysis traded within a range of $2.34 – $2.56. 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 the $5 post upgrade trend.

On the four-hour price analysis chart, the green candlesticks have outnumbered the red ones, meaning buyers control the market.

Cardano price analysis conclusion

Our 24-hour ADA/USD price analysis is bearish following failure to break out of a supply zone between $2.4 – $2.5. We do expect a slight uptrend that will break past the $2.6 resistance.

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.