ADA rejected at $2.440, bears still in control

TL;DR Breakdown

  • Cardano price analysis for today is bearish
  • ADA/USD saw little volatility in the last 24-hours
  • ADA resists further upside at $2.44

The Cardano price analysis for today is bearish, as the market has been unable to proceed past the $2.45 mark after a strong rise in recent hours. As a result, we anticipate ADA/USD to retreat and attempt to revisit the $2.20 – $2.30 support area.

Over the last 24 hours, the cryptocurrency market has been in a downward trend. Bitcoin dropped 0.78 percent, while Ethereum declined by 2.48 percent. Avalanche (AVAX) is still the most successful, with a gain of 9 percent.

Cardano price movement in the last 24 hours: Cardano rejected at $2.45

The price of Cardano declined from $2.80 to the $2.40 zone between Saturday night and Sunday, a price action that was blamed on profit-taking traders. The cryptocurrency’s price has fluctuated in a daily range of $2.4 to $2.442, suggesting little volatility in the last 24 hours. The total trade volume has declined by 28.77 percent and stands at $3.027 billion, while the overall market capitalization trades at around $77.34 billion as of this writing.

ADA/USD 4-hour chart: ADA set to reverse again?

The Cardano price has rejected further upside on the 4-hour chart, suggesting a reversal is on the way.

Cardano price analysis
ADA/USD 4-hour chart. Source: TradingView

In the past week, Cardano has seen considerable consolidation in a broad range. ADA/USD began a several-week ascent after an immediate spike to $3.05 swing high days ahead of the Alonzo upgrade

The Cardano price action dropped to $2.5 around the end of August before triggering a rebound that rose by approximately 25 percent to the $2.9 region. Thereby testing resistance once again. The price dropped rapidly to $2.30 over the following week, where support was established and retested several times.

On Monday, the Cardano price attempted to break resistance at $2.49 but got rejected multiple times. Indicating that bears were still in control. A decline to the $2.30 mark ensued, followed by a consolidation period back to the $2.4 region today.

Cardano Price Analysis: Conclusion 

Longer-term, the next 24 hours will be bearish for Cardano due to a sharp drop to $2.40, followed by hesitation during the previous hours. As a result, ADA/USD is expected to reverse once again and look to test the $2.20 support for another 24 hours.

In the meantime, read our articles on Wrapped Bitcoin, Decentralized Exchanges, and NFT Marketplace to learn more about Cardano.

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 decisions.

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