- Strong rally for Cardano yesterday.
- ADA failed to breach $1.20 resistance overnight.
- Cardano prepares to decline again.
Cardano price analysis indicates bearish momentum to follow over the next 24 hours as further upside could not be reached overnight. Therefore, we expect ADA/IUSD to move lower later today and continue to decline along with the several-week bearish momentum.
The cryptocurrency market trades in the green over the last 24 hours. Bitcoin is up by 0.82 percent, while Ethereum by 3.51 percent. Ripple (XRP) is among the best performers with a gain of almost 6 percent.
Cardano price movement in the last 24 hours: Cardano consolidates below $1.20
ADA/USD traded in a range of $1.17 – $1.21, indicating low volatility over the last 24 hours. Trading volume has declined by 26.24 percent and totals $1.34 billion. Meanwhile, the total market capitalization trades around $37.5 billion, ranking the cryptocurrency in 5th place overall.
ADA/USD 4-hour chart: ADA prepares to move lower again?
On the 4-hour chart, we can see the Cardano price establishing another lower high below $1.20 and preparing to test further downside over the weekend.
Cardano price action has continued to trade in an increasingly more bearish price action structure over the past weeks after the previous swing high was set around $1.50 at the beginning of July. Since then ADA/USD has retraced by more than 30 percent until support was found just above the $1 mark again.
Therefore, we can see that bears are not yet ready to break further lows and another test of upside is required. This resulted in a sharp rally higher over the middle of this week until the $1.2 mark was retested.
Further, ADA/USD moved sideways over the last 24 hours to establish a base from which to move lower later today. Since further upside has already been rejected several times, we can assume that Cardano will start trading lower again over the weekend and attempt another move past the $1 support mark.
Cardano Price Analysis: Conclusion
Cardano price analysis indicates bearish momentum to follow later today as a lower high has been set over the last 24 hours around the $1.20 resistance. Therefore, we expect ADA/USD to see further downside over the weekend as bears want to retest the $1 mark again.
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