- ADA made another spike high yesterday.
- Further upside rejected overnight around $1.38.
- ADA/USD set to reach further lows.
Cardano price analysis indicates bearish momentum to follow over the next 24 hours as a slightly lower high was set around the $1.38 mark overnight, and the market has started to move lower once again. Therefore, we expect ADA/USD to decline further today and try to reach further lows.
The cryptocurrency market traded with a bearish momentum over the last 24 hours as bears took over the market momentum overnight. Bitcoin has lost 2.29 percent, while Ethereum has 0.56 percent. Cardano (ADA) is among the best performers, with a gain of 1.5 percent.
Cardano price movement in the last 24 hours: Cardano retests previous high
ADA/USD traded in a range of $1.28 – $1.38, indicating mild volatility over the last 24 hours. Trading volume has increased by 52 percent and totals $2.09 billion. The total market capitalization stands around 42.7 billion, ranking cryptocurrency in 5th place overall.
ADA/USD 4-hour chart: ADA prepares to decline again?
On the 4-hour chart, we can see the Cardano price starting to move lower again, which should lead towards a lower low set later today.
Cardano price action traded with a strong bullish momentum over the past weeks after a slightly higher swing low was set around the $1.02 mark. From there, ADA/USD started to rally until a sharp spike to $1.40 resistance was set.
From there, ADA retraced and consolidated for several days. Any further upside was tested over the weekend with failure to reach the $1.40 mark. A slightly lower high was set around $1.38, with the following retracement testing previous low around $1.26.
Yesterday, bulls gathered momentum for another spike higher, with another failure to set a higher high. Therefore, we can assume that the Cardano price action momentum has currently become bearish again, and we can expect further downside to come later this week.
Cardano Price Analysis: Conclusion
Cardano price analysis is bearish for the upcoming days as a slightly lower high was set overnight, and market price reverses from there. Therefore, we expect ADA/USD to move past the $1.26 current low and see further downside later this week.
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