Cardano Price Analysis: ADA makes the final push higher, ready to move below $1.15 today?
Cardano is a decentralized and open source public blockchain that will allow for the third generation of cryptocurrency and blockchain technology. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach.
Cardano (ADA) is a relatively new cryptocurrency, with big plans for the future, including getting listed on Binance. However, Cardano is also a technology. It has a very robust foundation, and is quickly becoming a leader in the crypto industry. This week, the Cardano (ADA) price has been moving. With over 20% of the total supply in circulation, on the 1st of February, the price was $0.846. Now, the price stands at $0.924, up 12.62%. The Cardano price could easily continue this bullish trend, and break out of the $1.15 resistance level. At this point, however, the price will likely fall back below the $1.
Cardano (ADA) remains on a roller coaster ride as it nears the bottom of the rally that started at $0.03. As of press time, ADA is trading at $0.14, which is a ~45% increase from where it was on January 20. While the ADA price has gained, the ADA/BTC and ADA/ETH averages have dropped ~25% from their respective opening prices.
Yesterday, ADA consolidated below $1.20.
The support level for ADA/USD was $1.15.
Today, Cardano is expected to reverse.
Cardano price research shows that the next 24 hours will be negative, as another slightly higher high was established overnight. Given the lack of any additional gains, we may anticipate ADA/USD to resume its downward trend and resume its several-week negative momentum.
Heat map of cryptocurrencies. Coin360 is the source of this information.
The cryptocurrency market has been trading in the green for the last 24 hours, thanks to overnight bullish pressure. Ethereum is up 4.28 percent, while Bitcoin is up 4.44 percent. Polkadot (DOT), on the other hand, is one among the top performers, up 6.7 percent.
Cardano’s price has risen over $1.20 once again in the past 24 hours.
Over the past 24 hours, ADA/USD has traded in a range of $1.15 to $1.23, showing moderate volatility. The overall trading volume has dropped by 8.6% to $1.22 billion. In the meanwhile, altcoin’s entire market capitalization is approximately $28.95 billion, putting it in fifth position overall.
ADA/USD 4-hour chart: Is the ADA set to drop even more?
The Cardano price is pushing over $1.20 on the 4-hour chart, with just a little higher high, suggesting that the market is about to turn.
4-hour chart of the ADA/USD currency pair. TradingView is the source of this information.
Cardano has been trading with a strong negative trend in recent weeks, after a surge to a new swing high of $1.50. From then, ADA/USD began to fall, losing more than 30% of its value until reaching a somewhat higher bottom around the $1.02 level.
Cardano then surged higher until it hit the $1.20 barrier, where it has been consolidating since yesterday. Following an overnight effort to move lower, $1.15 support held, and ADA/USD rapidly surged higher to establish a new local high.
Any additional upside was soon thwarted, indicating that Cardano would most certainly begin to fall again over the weekend. As a result, we anticipate ADA/USD to go around $1 early next week, when the market will either make another higher low or continue to fall to new multi-month lows.
Conclusion of the Cardano Price Analysis
Cardano price research suggests that negative momentum will prevail over the next 24 hours, since additional upward was denied earlier today, and bulls have lost steam. As a result, we anticipate ADA/USD to begin falling later today and return to the $1 support level in the coming days.
While you wait for Cardano to drop in price, check out our guides on DeFi, Bitcoin fees, 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 ADA price analysis is not all too different in its movement over the last 24 hours, as the platform continues to make progress towards the next bull run. Well, the cryptocurrency had made a move higher, and now it seems poised to move towards $1.15, as the volumes are also hitting the exchanges, and this has encouraged the ADA price to make a move higher.. Read more about dotthb and let us know what you think.
This article broadly covered the following related topics: