Cardano Price Analysis: Sell the news traders sink ADA/USD to $2.30 zone
TL;DR Breakdown Cardano price analysis shows signs of recovery ADA/USD declined overnight back to $2.350 Cardano holds above $2.40 The 24-hour candlesticks on our Cardano price analysis indicate signs of a bullish market despite being stuck below the $2.50...
TL;DR Breakdown
- Cardano price analysis shows signs of recovery
- ADA/USD declined overnight back to $2.350
- Cardano holds above $2.40
The 24-hour candlesticks on our Cardano price analysis indicate signs of a bullish market despite being stuck below the $2.50 price barrier since the launch of smart contracts. The market price went for another retest of the $2.55 zone in the early morning but rejected further upsides.
As a result, the price fell back to $2.4 and the buyers are presently attempting to retest a higher level. Therefore, we are anticipating ADA/USD to reverse over the next 24 hours and move back above the $2.55 mark.
The overall market traded in with mixed signals after some coins recorded gains while others posted losses. Bitcoin and Ethereum gained 0.25 percent and 0.21 percent respectively. Market losers include XRP, ADA, BNB, and SOL.
Cardano price movement in the last 24 hours: Cardano retraces back to $2.40
ADA/USD traded in a range of $2.379 – $2.472, indicating strong volatility over the last 24 hours. Trading volume dropped by 28 percent and totals $5.74 billion, while the total market capitalization trades around $76.44 billion after a 24-hour drop of 2.18 percent. Cardano is ranked at position #3 overall by market cap.
ADA/USD 4-hour chart: ADA set to reverse again today?
On the 4-hour Cardano price analysis chart, we can see the ADA/USD price rejecting further upside above $2.44. The buyers have been struggling to overcome this region since the launch of the smart contracts functionality on the Cardano blockchain.
Cardano’s price has recorded strong volatility over the past weeks. After a rapid advance of over 150 percent from the $1.1 support at the end of July, ADA/USD eventually peaked at $3.01
From the $3.01 new significant swing high, Cardano retraced more than 60 percent to the $2.5 support area. After strong rejection for further upside, ADA rallied to $2.9 and reversed again, retesting the $2.3 support.
After some slow upside momentum over the weekend that saw it hit $2.80, the Cardano price dropped lower again, this time finding support at $2.40, with a slightly lower low set. However, as long as the $2.25 support area holds, we expect ADA/USD to reverse higher once again later today.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish today as the market saw a strong move lower back to the $2.40 support area. Since further upside could not be reached over the past hours, we expect ADA/USD to reverse back to the upside later today.
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