Cardano (ADA) is a promising project with a lot of potential. Its technology is complex but it has a working product. Its price has been on a steady rise over the last couple of weeks and it looks like it will soon start to correct.
Cardano (ADA) is a smart contract platform that launched in September 2017, but has since seen solid growth. The project has shown incredible fundamentals for a new project: a strong community, a strong team, significant partnerships, a well-funded development roadmap, a growing user base and a strong and active developer community.
Cardano is an open source blockchain that is fully integrated with the Ethereum Virtual Machine (EVM). It employs a unique ‘Ouroboros’ proof of stake algorithm that is more energy efficient than proof of work and better suited to run decentralized applications. This approach has allowed Cardano to become the 8th largest cryptocurrency by market cap, with a current price that is up almost 8% from its recent lows.. Read more about ada coin price prediction and let us know what you think.Summary of the situation
- The ADA went up last night.
- Resistance at $1.45 has been reached.
- Cardano is likely to retire early next week.
Cardano’s price analysis is bearish for the next 24 hours, as the market hit $1.45 resistance last night and is currently gearing up for another move lower. Therefore, we expect ADA/USD to weaken further early next week and test support at $1.30.
Heatmap for crypto-currencies. Source: Coin360
The market has been trading in the green for the past 24 hours. Bitcoin was up nearly 2 percent and Ethereum was up 3.71 percent. The rest of the crypto-currency market is trading with similar slightly bullish results.
Cardano price movement in the last 24 hours
ADA traded in a range of $1.38 to $1.44, indicating moderate volatility. Trading volume fell 20% in 24 hours to about $1.84 billion. The total market capitalization is $45.65 billion, which puts the cryptocurrency in 5th place.
ADA/USD 4-hour chart – ADA tests resistance at $1.45
On the 4-hour chart, we see that Cardano price has approached $1.45 resistance and is gearing up for a downward pullback now that the bulls have exhausted their strength.
4-hour chart ADA/USD Source: TradingView
Overall, Cardano’s price action has been in strong downward momentum in recent weeks. Cardano fell more than 45% from its last high around $1.90 to a low around the $1 mark.
Over the past two weeks, however, Cardano has started to climb again, with several highs and lows on the way to the $1.40 level, where strong resistance has been found. From there, ADA/USD moved sideways at the beginning of the week until the bulls gained momentum and pushed ADA higher.
Resistance at $1.40 was broken yesterday and a slightly higher high was reached around $1.45. Overall, this means that Cardano’s price action has lost its upward momentum again, and we can expect another downward move next week.
Support at $1.30 should prevent further declines for now, and much depends on how Cardano continues to perform. A further drop below the $1.30 level is likely to result in a serious downside move in the medium term by the end of the month.
Gimbal price analysis: Supplement
The price analysis for Cardano for the next 24 hours is bearish as a slightly higher high was made today and the bears are preparing to regain control. This development should lead to a further pullback towards the $1.30 support later today.
While we wait for Cardano to fall, check out our guides on the benefits of DeFi, bitcoin fees, and what you can buy with bitcoins.
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