Cardano price analysis: ADA/USD to surpass the intraday highs of $2.29

TL;DR Breakdown

• Cardano price analysis shows a price drop.
• Support is found at $2.12.
• ADA/USD is trading at $2.1.

On the previous day’s Cardano price analysis chart, ADA was following a good trend. However, when the daily price analysis chart came in, strong selling pressure caused the prices to plummet to their lowest point on the daily price analysis chart. The bulls appeared to be strategizing a possible attack to reverse the current negative trend. The bulls congregated in large numbers and amassed enough power to establish strong support, which reversed the bearish trend and caused Ripple‘s price to rise.

On Monday, the ADA/USD price surge was broken, and on Tuesday, a new low was established during both hours. However, yesterday’s drop proved to be brief as today’s slide has been much worse. ADA bulls were able to take the price all the way up to $2.50 in mid-day yesterday without any problems, but ADA met strong resistance at this level when selling pressure increased.

Source: Coin360

Bitcoin is trading at $45.6K a -4 percent deviation. The closest Bitcoin competitor is trading slightly below $3.2K with more than a 5 percent deviation. BNB is also trading in the same dangerous trend. Buyers seem to have shifted to Solana, causing its price to surge, recording the highest gain of the day. ADA/USD also trades in a total bear market at $2.1, a 9 percent price drop. Nevertheless, this should be good news for traders who have not invested their fiat in the cryptocurrency market. Any investor willing to invest in the crypto space should invest their money at such a time when the market is bearish and wait for the bulls to reverse the bear trend hence increase in the invested capital.

ADA/USD 1-day price chart: Bears persistent to activate pullback

The 1-day Cardano forecast suggests that the bearish trend is in full swing. The price has dropped considerably. Price fell precipitously throughout the day as selling pressure grew in the market.

The 24-hour chart on the ADA/USD pair shows that price action is bullish. As a result, ADA/USD prices are expected to rise in the following 24 hours. Currently, Cardano is trading at $2.17, a 6 percent increment in the last 24 hours.

The moving average (MA) is presently at $2.58, which is also greater than the price level. The relative strength index (RSI) is in a bearish position to the centerline with a score of 47 and on a downward slope, indicating an even more bearish signal.

4-hour Cardano price analysis: Will buyers break bearish momentum?

ADA/USD 1-day price chart. Source: Tradingview

The 4-hour Cardano price chart shows the presence of some bulls, albeit on a minor scale. Bulls are attempting to take control of the market. Still, market conditions are not conducive to them, and there is an increasing possibility that the final green candlestick will turn red at any moment.

Cardano price analysis: Conclusion

The Balance of Power indicator is positive suggesting, the bulls have more strength than the bears hence the slight bullish movement. 

On the one-hour ADA/USD price analysis chart, the buyers seemed to be entering the market. The bulls are aiming to take the price above the intraday high. 

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.