TL; DR Breakdown
- ADA/USD is trading bearishly on our Cardano price analysis.
- Cardano traded within a range of $1.9 – $2.1.
- Cardano is currently trading at $2.0.
The Cardano price is weakly trading bearishly on our Cardano analysis, following a decline from the $2.40 level to the lower range at $2.35. The bulls were quiet for most of the week after Alonzo’s upgrade on Monday. A downward slide may be caused by increased selling pressure as a result of buying into the
The daily Cardano price chart began the day with the sellers in control of the market. The bulls created solid support at the low end of the day’s trading five minutes later, $1.9. The prices rose, as a result, forming head and shoulder patterns to the intraday highs of $2.1, where sellers established. At this point, The sellers established a significant barrier that the bulls could not easily overcome. The strong resistance by the sellers allowed them to dominate the ADA/USD market, resulting in steep drops.
The two most significant digital assets are trading in losses as the sellers control the entire cryptocurrency space leading to price dips. Bitcoin is down by -2.03 percent, while ETH has dropped by -5.21 percent. Other altcoins are also trading in the same trend, recording massive price deviation. The meme coin has recorded more than -15 percent price decline while Solan is trading at -12 percent. Despite most digital asset trading being bearish, some coins have recorded significant price gains in the last 24 hours. FTT is the hottest gainer of the day, recording a 20 percent price surge.
Cardano 4-hour chart: heightening selling pressure will result in a dip.
Cardano attempted to break its minor support of $2.4. Still, the strong resistance was met by powerful rejection at $2.427, resulting in a medium crimson-candlestick close on the lower limit of the Bollinger Bands at $2.380, indicating that sellers are frustrated with the recent development.
Cardano Price Chart by TradingView
The short-term forecast shows a lot of selling pressure on the Cardano market, putting a strain on any significant gains. ADA/USD has yet to break through its 5-day high of $2.80, which it achieved earlier this week. The pair is currently valued at $2.106, according to the current price chart. During press time, Cardano is holding support at $2.00.
On the four-hour price analysis chart, the Bollinger bands are narrow, indicating a low volatile market. However, the price is advancing towards the lower Bollinger band; this indicates intense selling pressure.
Cardano price analysis conclusion
Following a failed breakout from a supply region between $2.3 and $2.5, our ADA/USD price analysis is bearish. We predict a modest recovery, albeit only for a short time, but Cardano will continue to decline.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.