- ADA consolidated below $1.20 yesterday.
- ADA/USD tested $1.15 as support.
- Cardano likely to reverse today.
Cardano price analysis indicates bearish momentum to follow over the next 24 hours as another slightly higher high was set overnight. Since no substantial further upside was seen, we can expect ADA/USD to decline in price again and start moving along the overall several-week bearish momentum.
The cryptocurrency market trades in the green over the last 24 hours as a strong bullish pressure was seen overnight. Bitcoin is up by 4.44 percent, while Ethereum by 4.28 percent. Meanwhile, Polkadot (DOT) is among the best performers with a gain of 6.7 percent.
Cardano price movement in the last 24 hours: Cardano spikes above $1.20 again
ADA/USD traded in a range of $1.15 – $1.23, indicating a moderate amount of volatility over the last 24 hours. Trading volume has decreased by 8.6 percent and totals $1.22 billion. Meanwhile, the total market capitalization trades around $28.95 billion, ranking altcoin in 5th place overall.
ADA/USD 4-hour chart: ADA set to decline further?
On the 4-hour chart, we can see the Cardano price pushing above the $1.20 mark again with only a slightly higher high, indicating that the market is ready to reverse.
Cardano price action trades with a strong bearish momentum over the past weeks after a spike to the $1.50 mark set a new swing high. From there, ADA/USD started to decline and lost more than 30 percent until a slightly higher low was set around the $1.02 mark.
From there, Cardano rallied higher until the $1.20 resistance, where consolidation was set yesterday. After an attempt to move lower overnight, $1.15 support prevented further downside and ADA/USD quickly spiked higher to set a higher local high.
However, any further upside was quickly prevented, indicating that Cardano will likely start heading lower once again over the weekend. Therefore, we expect ADA/USD to move towards the $1 mark early next week, where either another higher low will be set or the market will continue moving lower towards new several-month lows.
Cardano Price Analysis: Conclusion
Cardano price analysis indicates bearish momentum to follow over the next 24 hours as further upside got rejected earlier today and bulls have lost their momentum. Therefore, we expect ADA/USD to start declining later today and push back towards the $1 support over the next few days.
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