Cardano Price Analysis: ADA spikes below $1.15, targets $1 mark next?

Cardano price analysis indicates bearish momentum to follow over the next 24 hours as a clear spike below $1.15 was seen yesterday. Therefore, we can expect BTC/USD to move towards further lows later today and reach the $1 mark next.

Cardano Price Analysis: ADA spikes below $1.15, targets $1 mark next? 1
Cryptocurrency heat map. Source: Coin360

The overall crypto market trades in the red over the last 24 hours. Bitcoin has lost 5.45 percent, while Ethereum almost 7 percent. Binance Coin (BNB) is among the worst performers, with a loss of 11.75 percent.

Cardano price movement in the last 24 hours: Cardano moves away from the $1.15 previous support

ADA/USD traded in a range of $1.04 – $1.17, indicating substantial volatility over the last 24 hours. Trading volume has spiked by almost 100 percent and totals $1.47 billion, while the total market cap trades around $33.56 billion, ranking the cryptocurrency in 5th place overall.

ADA/USD 4-hour chart: ADA targets $1 mark next?

On the 4-hour chart, we can see the Cardano price rapidly moving towards the next support around the $1 mark.

Cardano Price Analysis: ADA spikes below $1.15, targets $1 mark next?
ADA/USD 4-hour chart. Source: TradingView

Cardano price action traded with a very strong bearish momentum over the past weeks. After a clear medium-term swing high was set around $1.50, bulls failed to push the market any higher, and a strong reversal followed.

Previous support around $1.30 was broken on the 13th of July, with a strong downside following the breakout. Eventually, ADA/USD reached the $1.15 support, where some rejection for further downside was seen over the weekend.

However, yesterday, the Cardano price finally breached below the $1.15 support and rapidly advanced towards the next support target at $1. This should lead ADA/USD towards some more downside later today as the $1 mark has almost been reached earlier today.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bearish for the next 24 hours as a quick spike below the $1.15 support was seen yesterday, and bears continued to rapidly push the market lower. Therefore, we expect ADA/USD to reach the $1 mark over the next 24 hours and potentially establish another major swing low from there.

While waiting for Cardano to drop further, read our guides on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

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 decisions.

News Source