Cardano Price Analysis: ADA/USD pulled back to a lower high of $2.57, will bulls rally?

TL;DR Breakdown

• Today, Cardano price analysis is bearish
• ADA/USD 24-hour chart indicates a daily trading range of $2.26 – $2.57.
• As of this writing, ADA/USD is trading at $2.407. 

Today, Cardano price analysis is bearish today after undergoing a 5 percent downswing overnight and crossing setting a lower high at $2.576. The bulls are optimistic to hit the $2.90 barrier once again as they attempt to break above $3.0. However, we expect Cardano price action to decline in the next 24-hours as bulls prepare to correct lower and consolidate stability. 

The overall cryptocurrency market is trading bearishly, with Bitcoin losing 3.06 percent and Ethereum losing approximately 5.87 percent. Traders are hoping the technical charts will recover during the weekend. The bulls are optimistic that more buyers will come in and be able to push the balance of power to their advantage. Meanwhile, for today we can only anticipate a downtrend across the majority of the altcoins. 

Cardano 24-hour price movement: Dropping market cap

Cardano price analysis on the 24-hour chart indicates a daily trading range of $2.269 – $2.576. A pretty tight range that indicates mild volatility across the trading chart. The bulls are warming up for the Alonzo upgrade, which is set to launch on September 12, just a day from now. Cardano’s daily trading volume increased by 3.35 percent on Friday night to a total of $5.92 billion. As of this writing, Cardano’s market capitalization trades at $77.08 billion, ranking the coin at position #3 overall. 

Cardano 4-hour price analysis: Preparing to rally?

ADA/USD is attempting to break away from the $2.50 resistance level on our 1-day Cardano price analysis chart. The coin spiked briefly to the $2.576 region in the early trading session before correcting lower near the $2.400 zone.

ADA/USD 4-hour chart by TradingView

For several weeks now, Cardano has traded bullishly since the 20th July swing low of $1. The coin has already witnessed approximately 150 percent in growth to its September swing high. 

On Wednesday, the coin saw a bearish trendline when it dropped to the $2.300 mark, a signal that the bulls were somewhat becoming exhausted due to take profit traders around the $2.9 mark. 

As of this writing, ADA/USD is trading at $2.407. We expect the price of the coin to drop in the next 24-hours and set a higher daily high. 

Cardano price analysis conclusion

The 24-hour Cardano price analysis suggests bearish signals for the upcoming sessions. Bears seem prepared for a pullback towards the $2.20 region. Nonetheless, we are expecting the price of Cardano to continue rising in the medium-term due to the upcoming smart contracts platform launch. While waiting for a positive change on the price of ADA/USD, read some of our posts on NFTs, DeFi, and the Metaverse. 

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.