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Cardano (ADA) Price Falls 35% From All Time High, Will Bulls Gobble Up The Dip?

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  • ADA price has fallen over -30% the last week
  • ADA Price has bounced off long term trend line
  • ADA Price must regain $2.51 to be out of hot water

Cardano (ADA) price has went on an amazing run over the last month as prices rose over 200% from $1.00 past $3.00. This price movement was largely credited to the anticipation of smart contract capabilities going live on the Cardano blockchain after nearly 4 years of hard work. To everyones surprise, the beta version of this capability went live last week & It was only able to process 1 transaction per block.

This was much less than anticipated but the founder reassured everyone its the beta version & improvements will be coming. Overall, it seems that ADA finally reset itself after such a strong push the last month or so.

While looking at the last few weeks of price movement, we can see how ADA started to go sideways after $3.00 was nearly reached. The price formed a rising wedge & earlier today, ADA completely broke to the downside of this wedge. Once the support of $2.79 was lost, ADA tumbled to a multi week low. Prices fell nearly -30% in just under a few hours.

The bottom wick bounced off the long term trend as the 4 hour candle managed to close above the mid term trend that has been respected for a few weeks. At the time of writing, ADA is attempting to break above its major resistance zone of $2.51.

Cardano Price Analysis: ADA/USDT 4 Hour Chart

TradingView Chart
If ADA manages to break & hold this major resistance, price will then shoot to levels near $2.65 where its next major resistance sits. ADA has refused to close a candle below its major support of $2.37. In the event bears continue their dominance & ADA gets pulled below this support level, trouble may be ahead. Currently ADA has bounced clearly off its 200MA which has held price for over a month. Any drop below these two marks will leave ADA back to low $2.00 range.

  • While looking at the Stochastic RSI, we can see strength has just reset completely within the oversold region. At the time of writing, ADA is bouncing out of this oversold region back towards a trend line that has been respected for nearly a week. Strength must completely break & hold this trend line for ADA to be confirmed in a bullish revival.
  • While looking at the MACD we can see the MA’s have fallen to a multi month low. This is a great sign the tables were cleaned & once the histogram ticks green again, expect a stronger revival to occur.

ADA Intraday Analysis

  • Spot rate: $2.51
  • Trend: Bearish
  • Volatility: Medium
  • Support: $2.37
  • Resistance: $2.51

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Cardano Price Analysis: ADA retests $1.60 resistance again, breakout to follow?

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  • Cardano price analysis is bullish today.
  • ADA/USD has spiked towards the $1.60 resistance again.
  • Higher high already set.

Cardano price analysis is bullish today as we have seen a break above the previous consolidation area. Likely ADA/USD will continue even higher, with the next major resistance seen at $1.75.

Cardano Price Analysis: ADA retests $1.60 resistance again, breakout to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen a bearish momentum return over the last 24 hours. Bitcoin declined by 1.04 percent, while Ethereum by 2.85 percent. Meanwhile, Terra (LUNA) is the top performer, with a gain of voer 10 percent.

Cardano price movement in the last 24 hours: Cardano sets lower low, quickly moves back towards previous highs

ADA/USD traded in a range of $1.53 – $1.62, indicating substantial volatility over the last 24 hours. Trading volume has declined by 3.23 percent, totaling $1.74 billion, while the total market cap trades around $53.44 billion, ranking the coin in 6th place overall.

ADA/USD 4-hour chart: ADA currently tests previous highs

On the 4-hour chart, we can see strong bullish momentum over the last 24 hours as previous highs are getting broken.

Cardano Price Analysis: ADA retests $1.60 resistance again, breakout to follow?
ADA/USD 4-hour chart. Source: TradingView

Cardano price has seen a strong increase over the last hours, counter to the overall trend seen over the past weeks. After setting a new major swing low at $1.415 last week, ADA/USD saw quick rejection higher to the $1.60 mark.

From there, the market started to consolidate sideways for several days. After several rejections of further upside, ADA saw a clear lower low set overnight around $1.52. The market quickly reversed from there, leading to a spike above the previously formed consolidation today.

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Since the Cardano price action has set a strong higher high over the past hours, we could be seeing a major trend reversal beginning. The next resistance is located at $1.75 and, if reached, would indicate the return of strong bullish momentum.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish as we have seen a strong spike above the previous highs over the last hours. Therefore, we expect ADA/USD to continue even higher later today, with the next major target at $1.75.

While waiting for Cardano to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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What Happened To ADA Price? Is Nothing Been Built On Cardano?

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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.

adaprice
Source: Tradingview

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.

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Cardano-Based DEX Announces Date of Testnet Launch

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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.  

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In late September, SundaeSwap forged a partnership with Nervos, China’s top public blockchain. 

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