- ADA moved higher overnight.
- Resistance at $1.45 reached.
- Cardano is likely to retrace early next week.
Cardano price analysis is bearish for the next 24 hours as the market has reached $1.45 resistance overnight and currently prepares for another lower move. Therefore, we expect ADA/USD to retrace back to the downside early next week and test support at $1.30.
The market trades in the green over the last 24 hours. Bitcoin has increased by almost 2 percent while Ethereum 3.71 percent. Rest of the crypto market trades with similar slightly bullish results.
Cardano price movement in the last 24 hours
ADA moved in a range of $1.38 $1.44, indicating a moderate amount of volatility. 24-hour trading volume has decreased by 20 percent and stands at around $1.84 billion. The total market capitalization totals $45.65 billion, ranking the cryptocurrency in 5th place.
ADA/USD 4-hour chart – ADA tests $1.45 resistance
On the 4-hour chart, we can see the Cardano price moving to $1.45 resistance and preparing to retrace lower again as bulls are exhausted.
The overall Cardano price action trades within a strong bearish momentum over the past weeks. From the last major swing high, around $1.90, Cardano retraced by more than 45 percent until low was found around the $1 mark.
However, over the last two weeks, Cardano started moving higher again, with several higher highs and lows set along the way to the $1.40 mark, where strong resistance was found. From there, ADA/USD moved sideways earlier this week until bulls built up momentum to push ADA higher again.
Yesterday the $1.40 resistance was breached, and a slightly higher high was set around $1.45. Overall this means that the Cardano price action has lost bullish momentum again, and we can expect another move lower next week.
The $1.30 support will likely prevent further downside initially, and much depends on how Cardano will reach from there. If further downside below $1.30 is seen, we can expect a much serious medium-term swing lower again over the rest of the month.
Cardano Price Analysis: Conclusion
Cardano price analysis is bearish for the upcoming 24 hours as a slightly higher high was set earlier today, and bears prepare to take over control again. This price action development should lead to another retracement later today back towards the $1.30 support.
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