Cardano the 7th largest cryptocurrency has been testing new highs this week and retesting previous ones. ADA has had many false breakouts and retesting of previous highs. Most crypto uses a descending triangle chart pattern as support and I expect this pattern to hold a bit longer.
Cardano (ADA) was introduced as an independent cryptocurrency back in 2015. The project’s mission was to create a blockchain that used a “proof of stake” that would allow users to “securely verify and audit” their transactions and create a “decentralized entity” that could pay for and execute smart contracts. While the project’s first few months were tumultuous, Cardano is now considered to be one of the top projects in the blockchain space. Its native token, Cardano’s ADA coin, has been recently on a tear, setting new all-time highs just last week.
Cardano (ADA) is one of the most exciting cryptocurrencies out there at the moment, and more and more people are investing in it. The question is, will this rapid growth continue? And if so, how high can ADA go? There are a number of factors that can affect Cardano’s price. With those in mind, let’s take a look at what’s currently going on with ADA, and whether the Cardano price analysis looks good.
- Yesterday, ADA reached a new peak.
- Around $1.38, more upside was denied overnight.
- The ADA/USD is expected to drop further lower.
Cardano price research suggests that negative momentum will continue over the next 24 hours, as a little lower high was reached overnight around the $1.38 level, and the market has begun to go down once again. As a result, we anticipate ADA/USD to continue to fall today, attempting to hit new lows.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the cryptocurrency market has been trading with a negative momentum, as bears have taken control of the market momentum. Ethereum has dropped 0.56 percent, while Bitcoin has lost 2.29 percent. With a gain of 1.5 percent, Cardano (ADA) is one among the top performers.
In the past 24 hours, the price of Cardano has risen: Cardano goes for a retest of the previous high.
Over the past 24 hours, ADA/USD has traded in a range of $1.28 to $1.38, showing moderate volatility. The overall trading volume has risen by 52% to $2.09 billion. The entire market value of cryptocurrency is approximately $42.7 billion, putting it in fifth position worldwide.
ADA/USD 4-hour chart: Is the ADA about to fall once more?
On the 4-hour chart, the Cardano price is starting to fall again, indicating that a lower low will be made later today.
4-hour chart of the ADA/USD currency pair. TradingView is the source of this information.
After a somewhat higher swing bottom was established around the $1.02 level, Cardano price movement has traded with a strong bullish momentum in recent weeks. The ADA/USD pair began to rise from there, reaching a high above $1.40 barrier.
ADA retraced and consolidated for many days after that. Any additional gain was put to the test over the weekend as the stock failed to break over the $1.40 barrier. The next retracement tested the previous low at $1.26, with a little lower peak around $1.38.
Bulls gained momentum for another surge higher yesterday, but failed to establish a new high. As a result, we may infer that the Cardano price action trend has shifted back to negative, and that more fall is on the way later this week.
Conclusion of the Cardano Price Analysis
Cardano price analysis for the next several days is bearish, as a little lower high was established overnight, and the market price reversed from there. As a result, we anticipate ADA/USD to break through the current low of $1.26 and continue to fall later this week.
While you wait for Cardano to drop, check out our articles on Satoshi Nakamoto, DeFi benefits, and Bitcoin fees.
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The cryptocurrency market has been going through a period of consolidation over the past few weeks, despite the best efforts of analysts to provide some sort of analysis. One of the most in-demand analysts in the market is the Cardano team, who provided a user[…]. Read more about cardano (ada) and let us know what you think.
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