- 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.
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.
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