ADA breaks below $2.0 and retests early August swing high

TL;DR Breakdown

  • ADA/USD is trading bearishly on our Cardano price analysis.
  • Cardano traded within a range of $1.9 – $2.1.
  • Supply zone between $2.1 – $2.3

The Cardano price is weakly trading bearishly on our Cardano analysis, following a decline from the $2.40 level to the lower range at $2.35. The bulls were quiet for most of the week after Alonzo’s upgrade on Monday. A downward slide may be caused by increased selling pressure as a result of buying into the

Bitcoin and Ethereum declined by 6% in the last 24-hours. The general cryptocurrency market is trading downwards. Cardano and Ripple are also on a declining channel and lost more than 4%.

Cardano 24-hour price movement: DeFi will drive ADA accumulation

On our 24-hour Cardano price analysis, the pair was observed in a range of $1.9 to $2.1 over the past 24 hours. The narrow range suggests little volatility on the technical charts. After the $2.3 support switched into a price barrier early Monday, the coin has been hanging near $2.1 for most of the week.

Cardano 4-hour chart: heightening selling pressure will result in a dip.

The price of Cardano attempted to recover and break the $2.4 tiny barrier, but the heavy rejection was met by strong resistance at $2.427, resulting in a medium crimson-candlestick closing on the lower limit of the Bollinger Bands at $2.380. The downward turn of events following the upgrade has frustrated short-term sellers, most of whom are now nursing losses.

Cardano price analysis
Cardano Price Chart by TradingView

The short-term forecast shows a lot of selling pressure on the Cardano market, putting a strain on any significant gains. ADA/USD has yet to break through its 5-day high of $2.80, which it achieved earlier this week. The pair is currently valued at $2.106, according to the current price chart. During press time, Cardano is holding support at $2.00.

Cardano price analysis conclusion

Following a failed breakout from a supply zone ranging between $2.3 and $2.5, our 24-hour ADA/USD price analysis is bearish. We expect a modest recovery, albeit only for a short time, but Cardano will resume its bearish trend.

Disclaimer. The information provided is not trading advice. 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 decision.

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