TL;DR Breakdown
- ADA continued to rally yesterday.
- New swing high set around $2.25.
- Cardano is set to retest the $2 mark as support.
Cardano price analysis is bearish for today as the market started to retrace overnight after establishing a new swing high around $2.25 yesterday. Therefore, we expect ADA/USD to retrace further later today and look to retest the $2 mark next.
The cryptocurrency market trades with a slight loss over the last 24 hours. Bitcoin has lost 3.6 percent, while 3.93 percent. Ripple (XRP) is among the best performers, with a gain of 9.5 percent.
Cardano price movement in the last 24 hours: Cardano retraces from $2.25
ADA/USD traded in a range of $2.04 – $2.25, indicating mild volatility over the last 24 hours. Trading volume has decreased by 2.6 percent and totals $7.6 billion. Meanwhile, the total market capitalization trades around $67.4 billion, resulting in a market rank of 4th place.
ADA/USD 4-hour chart: looks to retest the $2 mark
On the 4-hour chart, we can see the Cardano price action retracing over the past hours as bears look to retest the $2 mark as support.
Cardano price action has seen strong bullish momentum over the last weeks. From the $1.02 support, ADA/USD started to rally and increased by around 120 percent.
Additionally, the previous significant swing high resistance around the $1.90 mark was broken earlier this week, indicating a reversal in the overall market sentiment. However, currently, ADA/SD needs another retracement before we see further upside next week.
Overnight, the Cardano price action reversed and started to move towards the $2 support. This price action development should continue today as bears want to test further downside and set another higher low. Once a higher low is set, ADA should move towards the previous all-time high at $2.46 as no other resistance levels are seen until then.
Cardano Price Analysis: Conclusion
Cardano price analysis is bearish for the next 24 hours as bears started to push the market lower after a new swing high was set around the $2.25 mark yesterday. Therefore, we expect ADA/USD to reach the $2 support next and attempt to set a higher low from there.
While waiting for Litecoin to move further, read our articles on Bitcoin Futures, Physical Bitcoin, as well as Proof of Stake vs Proof of Work.
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