- Cardano price analysis is bearish for today.
- ADA/USD consolidated around $2.8 over the last 24 hours.
- ADA is set to retrace further this week.
Cardano price analysis indicates bearish price action to follow over the next 24 hours as bears continued to slowly push the market lower. Therefore, we expect ADA/USD to see further downside, with the $2.46 mark as the next support.
The cryptocurrency market traded with mixed results over the last 24 hours, with Bitcoin down by 1.35 percent. Ethereum has gained 5.3 percent, while Polkadot is the best performer, with a gain of 22.7 percent.
Cardano price movement in the last 24 hours: Cardano slowly retraces
ADA/USD traded in a range of $2.71 – $2.88, indicating a low amount of volatility over the last 24 hours. Trading volume has increased by 17.34 percent and totals $5.5 billion. Meanwhile, the total market capitalization trades around $89.47 billion, ranking the coin in 3rd place overall.
ADA/USD 4-hour chart: ADA targets the $2.46 support again?
On the 4-hour chart, we can see the Cardano price continuing to decline over the last 24 hours.
Cardano price action has traded with a strong bullish momentum over the past month. From the last major swing low of $1.02, ADA/USD has gained almost 200 percent as it reached $2.97 on the 26th of August.
From there, bulls were exhausted, and a retracement followed over the week, with support found at the $2.46 previous all-time high resistance, which now acts as a support. On Friday, ADA rallied again, this time setting a lower low at $2.947.
Since then, the Cardano price has moved slowly to the downside, with lower highs set over the weekend. Today bears continued to control the price action, indicating that we can expect further downside over the next 24 hours.
Cardano Price Analysis: Conclusion
Cardano price analysis is bearish for today as the market continues to decline after failing to reach above the $3 resistance on Friday. Since a lower high was set, we expect ADA/USD to see further downside later this week and look to retest the $2.46 support.
While waiting for Cardano to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.
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.
What Happened To ADA Price? Is Nothing Been Built On Cardano?
The crypto space is preparing to leap long after the recent sell-offs and if following a steady approach to pull the next leg up. However, one such crypto which appears to be pretty happy and contented at its current levels is Cardano. The ADA price after a steep downfall has yet again initiated with consolidation within a narrow trend.
Today, Ethereum price surged with a notable margin and many altcoins also followed the second largest crypto. Terra(LUNA), Solana(SOL), Avalanche(AVAX), etc have been raised, but Cardno still remained within the same levels. The Cardano remained distinct without following the ETH price. And also showcases the asset behaving similar to that of a stable coin.
Amid the fresh plunge, it was believed the asset may revist the strong support levels at $1. However, the asset managed to pause the downtrend for some time and began with a healthy accumulation. The ADA price in order to register its name in the upcoming altseason needs to coil up notably and pierce through the $1.98 levels.
On the other hand, the traders may also have remained much distinct from the platform. As no notable change with the ADA price may rise the possibilities of no major developments happening on the platform. And hence Cardano price has to flip the consolidation and thrive through the local resistance at $1.8 to march towards its highs. However, the huge target still remains pretty much distant.
Cardano-Based DEX Announces Date of Testnet Launch
A major Cardano-based decentralized finance protocol is about to launch its testnet
Cardano-based decentralized exchange SundaeSwap has announced that its testnet launch is going to take place on Dec. 5.
Thousands of users will be able to try out one of the most notable projects on the Cardano network.
The purpose of the testnet is to discover some bugs and inefficiencies ahead of the upcoming mainnet launch.
It will also help the Input Output team to adjust the performance metrics of the network so that it can work smoothly under heavy load:
Our testnet is the perfect opportunity to put the new parameters under load so they can assess performance and further raise these limits.
Implementing such incremental changes will be crucial for making Cardano scalable enough for the decentralized finance sector.
In late September, SundaeSwap forged a partnership with Nervos, China’s top public blockchain.
Here’s What’s Next for Cardano, Shiba Inu, Terra and Two More Altcoins, According to Crypto Analyst
A popular crypto strategist and trader is plotting what could be ahead for Cardano (ADA), Shiba Inu (SHIB), Terra (LUNA) and two other altcoins.
Pseudonymous cryoto analyst Altcoin Sherpa tells his 154,100 Twitter followers that he is short-term bullish on ADA after the smart contract platform managed to stay above support at $1.48.
“ADA: Not a bad place for a long. Support/resistance level, 0.50 Fibonacci level too. I still wouldn’t hodl (hold on for dear life) this though. It would be a swing trade.”
At time of writing, Cardano is trading at $1.56, down 2.85% in the last 24 hours.
Next up is popular meme coin Shiba Inu. According to the crypto strategist, he’s expecting SHIB to ignite a quick bounce before resuming its downtrend unless the Dogecoin competitor manages to consolidate around $0.000047.
“SHIB: Short-term bottom is probably in. Expecting some sort of lower high to form. If this consolidates at the 0.50 [Fibonacci level], a more explosive move will come (But it’s going to take a much longer time in my opinion).”
SHIB is currently exchanging hands at $0.000048.
Another coin on the trader’s list is decentralized finance (DeFi) payment network Terra, which Altcoin Sherpa says is poised to erupt to new record highs.
“LUNA: Still a high time frame bullish [market structure], send to all-time highs.”
The fourth coin on the analyst’s radar is the blockchain-based game ecosystem The Sandbox (SAND). Altcoin Sherpa maps out two potential scenarios for SAND after the coin printed a bearish lower high structure.
“SAND: My plans are below. Let’s see where this goes. In general, I personally think a lower high just got printed, and we’re going to go lower. If a higher low comes, we will enter some consolidation, and then I’m guessing another push higher.”
The last coin is Theta Network (THETA), a peer-to-peer distribution platform for video content. According to Altcoin Sherpa, THETA can launch a massive rally once it takes out resistance at $9.61.
“THETA: When this moves it will be explosive. It’s been ranging for quite some time, and I think that this one usually has its own market cycle. I would not buy this as an active trade though.”