Home Cryptocurrency Cardano Price Analysis: ADA consolidates below $1.20, ready for a further downside?

Cardano Price Analysis: ADA consolidates below $1.20, ready for a further downside?

by Serge Shlykov

Cardano price is currently consolidating a range between the $1.15-1.20 mark. The bears are expected to make another entry today and the bulls are expected to emerge once again. The whole market is likely to turn bearish in the coming days as there is a high chance of pullback from the $1.68 zone.

While Cardano may have been the altcoin to watch this week, the price action of the project is now consolidating below $1.20, ready for a further downside. The last time ADA dropped as low was on 17th October, when it bottomed at around $0.13, and has since rallied to over $1.20. The bullish bias came to an abrupt halt on Monday, and the cryptocurrency started to consolidate around the $1.16 handle.

Cardano is the sixth largest cryptocurrency by market cap, with a total market cap of over $10 billion. ADA has a specific and original purpose, and is a very versatile and unique cryptocurrency – not like the other, more mainstream cryptocurrencies. Cardano is a project that came out of research in cryptography, which has been going on since the 1950s. It was created by Charles Hoskinson, a co-founder of Ethereum, to create a completely new and modern blockchain, with a new programming language and a new economic model.. Read more about cardano hard fork price prediction and let us know what you think.

TL;DR Summary

  • Cardano had a strong rise yesterday.
  • Overnight, ADA was unable to break over the $1.20 barrier.
  • Cardano is poised to drop once again.

Cardano price research suggests that negative momentum will prevail over the next 24 hours, since additional upside was not achieved overnight. As a result, we anticipate ADA/IUSD to fall further later today, continuing the negative trend that has been in place for many weeks.

Heat map of cryptocurrencies. Coin360 is the source of this information.

Over the past 24 hours, the cryptocurrency market has been in the green. Ethereum is up 3.51 percent, while Bitcoin is up 0.82 percent. With a gain of almost 6%, Ripple (XRP) is one among the top performers.

Cardano’s price has consolidated below $1.20 in the past 24 hours.

Over the past 24 hours, ADA/USD has traded in a range of $1.17 to $1.21, suggesting moderate volatility. The overall trading volume has decreased by 26.24 percent to $1.34 billion. Meanwhile, the entire market value of the cryptocurrency is approximately $37.5 billion, putting it in fifth position worldwide.

ADA/USD 4-hour chart: Is the ADA poised to drop further?

The Cardano price is making another lower high below $1.20 on the 4-hour chart, indicating that it is ready to test more losses over the weekend.

Cardano Price Analysis: ADA consolidates below $1.20, ready for a further downside?4-hour chart of the ADA/USD currency pair. TradingView is the source of this information.

After the last swing high was established around $1.50 at the beginning of July, Cardano price action has continued to trade in an increasingly negative price action pattern over the last several weeks. Since then, the ADA/USD pair has retraced more than 30% before finding support just above the $1 level.

As a result, we can see that the bears are not yet ready to breach new lows, and another upward test is needed. This resulted in a strong rise in the middle of this week, until the $1.2 level was retested. 

Furthermore, the ADA/USD pair has been trading sideways for the last 24 hours, forming a foundation from which to go lower later today. We may expect Cardano to start trading lower over the weekend and try another move beyond the $1 support level, given that additional upside has already been denied multiple times.

Conclusion of the Cardano Price Analysis 

Cardano price research shows that negative momentum will emerge later today after a lower high was made around the $1.20 barrier in the last 24 hours. As a result, we anticipate ADA/USD to fall further over the weekend as bears attempt to retest the $1 level. 

While you wait for Cardano to drop in price, check out our tutorials on Bitcoin fees, DeFi benefits, and what you can buy with Bitcoin.

Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

Cardano price fell sharply recently and tested the $0.11 support. After the break of the trend line, ADA declined further and traded below the $0.10 and $0.08 support levels. There is a key bullish trend line at $0.30 on the 4-hours chart of ADA price. The price may test the $0.30 support and rise above $0.30 if it succeeds in climbing above the $0.50 and $0.60 resistance levels. If not, it could retest the $0.10 support area.. Read more about cardano news today and let us know what you think.

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