Cardano price analysis: Cardano spikes to $1.40, slow retracement incoming?
Cardano price analysis: Cardano spikes to $1.40, slow retracement incoming? The altcoin was up by over 40% on the day and currently a few points away from $1.5. The price was moving sideways for a while before a steady price increase: $0.82 was the all-time high. Yesterday, the price increased by over 20% and jumped to $0.95. Will the price continue to climb, or will it fall back to the $0.81 support level?
Cardano has been steadily rising since it’s bottom in August, and now it’s at a price that’s near an all-time high. It seems that more and more people are becoming interested in the project as prices continue to climb. It’s been a long journey for Cardano, and it’s still early in the game. However, with the strong demand for Cardano (and more coming as the price continues to rise), it will only get better for the project.
The price of Cardano has seen a major increase in the past few days, and it seems that the uptrend is not stopping anytime soon. The price of ADA has increased by more than 20%. Considering that Cardano is a relatively new cryptocurrency, it is still unknown what will drive the price to the moon, but investors are definitely on board. The price of Cardano is expected to continue to rise, as a retracement of the trend is now in sight, bringing the price of Cardano to $1.40.. Read more about ada coin price prediction and let us know what you think.
Summary of the situation
The ADA made progress yesterday.
Resistance around $1.40 was respected overnight.
The retreat will likely be seen later in the day.
The price analysis for Cardano is bearish for the day ahead, as the market climbed yesterday and consolidated overnight around the $1.40 level. Therefore, we can expect ADA/USD to pull back later today as the market looks for a higher bottom.
Heatmap for crypto-currencies. Source: Coin360
Overall, the market has seen mixed results over the past 24 hours. Bitcoin rose 2.2 percent, while Ethereum lost 1.5 percent. Dogecoin (DOGE) is one of the most successful with gains of several percent.
Cardano price movement in the last 24 hours
ADA/USD was trading in a range of $1.32 to $1.40, indicating high volatility. Trading volume fell 32.46% to $3 billion. At the same time, the total value of the market is $42.4 billion, which places the cryptocurrency in 5th place overall.
ADA/USD 4-hour chart – ready for another decline?
On the 4-hour chart, we can see that Cardano’s price action is starting to reverse after yesterday’s significant rise.
ADA/USD 4 hour chart. Source: TradingView
Cardano’s overall price action model remains bearish, as the market has seen a sharp decline from the previous high of $1.90 in recent weeks. The 22nd. In June, the ADA/USD pair jumped to $1, where the previous major low was, indicating the formation of a double bottom pattern.
This development in price action has led to the rise in recent days with the establishment of two local highs and reaching the previous support zone around $1.30 – $1.35. Eventually, the ADA/USD reached the $1.40 level.
Last night, Cardano’s price formed a small consolidation zone below the $1.40 level, suggesting that the market is likely ready to give back some of the gains. From there, the ADA/USD went back down this morning.
Currently, the $1.30 level is keeping the market from falling further. However, given the rapid rise in recent days, further declines are expected in the next 24 hours. Support is likely around $1.15. If an interim high is reached in this price range, we can expect ADA/USD to trade significantly higher next week.
Gimbal price analysis: Supplement
The price analysis for Cardano is bearish for the next few hours as the market tries to regain some of yesterday’s losses. This should lead to a new higher low near the $1.15 level.
Until Cardano returns, check out our guide on the benefits of DeFi, bitcoin commissions, and what you can buy with bitcoin.
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