- Cardano price analysis is bearish today.
- ADA/USD found resistance at $1.30.
- Support at $1.20 is likely to be tested next.
Analysis of Cardano‘s price is bearish today, as we have seen the $1.30 mark stall twice more. As a result, before any further upside can be observed, ADA/USD should resume its decline for a deeper retracement.
The ADA/USD pair found resistance at the $1.30 handle and has since been on a decline, breaking through some key support levels as it moves to retest the bottom of its trading range. Although the market has not found support at $1.20, it is likely to do so in due course, given that this is the last level of support.
With a lack of any positive news or developments on Cardano’s roadmap since its launch, there may well be further downside to come for ADA/USD as more time moves forward without any refreshes of interest in either.
MACD and RSI are both bearish even though they have just crossed upwards and show no sign of turning back any time soon – especially given the current conditions of trading right now: there’s no real support, and with the market moving to test $1.20, there’s no significant resistance either for them to bump up against just yet.
Market Sentiment As things stand, Cardano is certainly not in anyone’s favor at this stage, given that it has dropped back below $1.30 again after its brief stay above $1.34 earlier today – this was its highest point since last month. With a lack of any significant news or changes within the market cap rankings, there may be further downside ahead before ADA/USD can find some stability or trading ground where it can move forward from here on out. Although an uptrend moving forward would be preferable for ADA/USD going forward, this will be a slow process and probably not one that can be achieved in the next couple of weeks at most.
ADA/USD 4-hour chart: ADA under selling pressure
On the 4-hour chart, we can see selling pressure return for Cardano as the $1.30 level prevented any further rise.
Cardano has bounced back this week, falling as low as $1.08 last Monday. On the tenth of January, there was a substantial reversal following a strong rejection for further declines.
The Cardano price was again slashed immediately due to resistance at $1.30, sending the Cardano price down once more. Another spike to $1.30 followed before much more downside was seen. ADA/USD is still bearish, and we anticipate more declines will be attempted in the following days as additional upside has been rejected yet again.
Cardano Price Analysis: Conclusion
The Cardano price was bearish today as we witnessed another resistance failure for an upside late yesterday. As a result, we expect ADA/USD to fall further, with the next support level set at $1.20.
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Original Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-01-16/