- Cardano price analysis suggests ADA is getting mixed market sentiment today.
- ADA/USD finds it hard to cross the $2.29 mark.
- Support is present at $2.25.
The Cardano price analysis reveals market sentiment for ADA is dangling between bulls and bears. Price breakup was upward today, and starting hours observed a price gain till the $2.29 mark, but bears are hindering the further uptrend as selling pressure still exists in the market, and bears have reversed the price movement during the current hours, almost to the extent of balancing today’s growth.
The ADA/USD pair traded today between the range of $2.25-$2.29 and is trading hands at $2.26 at the time of writing. The first resistance for ADA/USD is present at $2.29, followed by another resistance of $2.37, whereas support is present at $2.25, followed by the stronger support at $2.1. The overall trend for ADA is inclined towards the bearish side, despite the upward trend of today, as last week also proved unfortunate for the ADA asset. However, ADA/USD pair has gained a value of 5.7 percent over the last 24 hours altogether.
ADA/USD 1-day price chart: bears decline ADA price function above $2.25
The one-day price chart for Cardano price analysis shows ADA moved up the charts at the start of the day, but bears are trying to take over, Though still the ADA/USD is on the gain if we look at today’s progress, selling pressure is still there and there exist chances of the last green candlestick turning red any time if bearish progression continues.
The volatility for ADA/USD is slightly decreasing on the 1-day chart, which is a good sign for the cryptocurrency, as Bollinger bands are narrowing down, with the upper band at $2.9 and the lower band at $1.9, making an average at $2.44.
The moving average MA) has almost traveled down to the price level and is present at $2.7, and may cross the price down, marking a bullish sign. The other indication is the relative strength index (RSI) which has flattened up at 45 index, canceling out the benefit of MA if it crosses down the price level.
Cardano price analysis: Bears taking over the hourly charts and technical indications
The 4-hour price chart for Cardano price analysis presents bears are trying to reverse the price function, which gained momentum from yesterday. The bearish efforts have taken a toll on the ADA price value as the price is coming down again during the current hours, almost canceling out today’s upward price function, and a further decline seems imminent.
The volatility is mild for ADA/USD as Bollinger bands have taken fixed positions and are moving ahead unchanged, with the upper band at $2.29 and the lower band at $1.98. The average of Bollinger bands is forming at $2.1.
The moving average (MA) is present at $2.16 on the hourly charts, but as the last week was unfavorable for ADA/USD, the MA10, MA20, and MA30 are all supporting the bearish side, and exponential moving averages EMA10, EMA20, and EMA30 are all supporting selling of assets.
The relative strength index (RSI) has also dipped down during the recent hours and is at 51 index in the neutral zone, but on a downward movement curve, due to the selling pressure in the market, indicating a further price drop might be observed in the coming hours. Although RSI is neutral at this time, along with many other oscillators also standing neutral, but one other important oscillator, MACD, is giving a selling of assets signal, and the only oscillator giving a buy signal is of momentum.
The overall outlook of technical indicators for Cardano price analysis, including the moving average and oscillators, is in support of bears as in total they are mostly pointing towards the selling option with a number of 10 and only six indications are for buying of assets, that also not in the shorter-run, thus indicating a bearish trend for coming hours.
Cardano price analysis: Conclusion
On the basis of daily and hourly Cardano price analysis and technical indications, the building of bearish momentum in the coming hours seems imminent, and we may observe the price going further down in the coming hours. But, if ADA gathers enough support from traders, then it might see some improvement as prospects for improvement is also there.
Cardano (ADA), XRP Price Could Retest These Levels Before Skyrocketing!
- XRP could possibly hit highs of around $1.2. Extreme sell-offs would plummet XRP below $1.
- ADA might hit its resistance around $2.4 but could test its support levels before the uptrend.
The crypto space has been a rough sail for altcoins such as XRP and ADA. However, the coins have managed to withstand strong and gusty winds. Meanwhile, investors and traders are eagerly waiting for a pull-out from the blues.
XRP at press time is trading at $1.09, with negative gains for the last 24-hours at 1.1%. The market cap stands at $51,193,598,011. While the trading volume for the last 24-hours hovers around $3,742,571,734.
XRP has been moving along the descending triangle. A triple top formation is visible on the charts. The coin has attempted to break through each time and has failed to keep up the momentum.
The digital asset has been moving along a narrow range. If it breaks out the triangle, we can expect it to reach its resistance at $1.2. On the contrary, XRP would move across the narrow range. However, extreme sell-offs would result in XRP plummeting below $1.
Cardano, the top-tier altcoin at press time is trading at $2.16 with negative gains at 1.1% for the last 24-hours. While the market cap is at $69,172,092,701. The trading volume for round the clock floats around $1,749,372,395. ADA has not let its foot lose at its level of $2.0, despite the crash. However, massive sell-offs might result in ADA plunging to its strong support levels. Prior to rebounding to its resistance around $2.4
Collectively, XRP and ADA could propel towards their respective resistance levels in near future. And hopefully, bullish momentum could follow with the commencement of the alt season. Netizens are expecting a massive rally to follow, as it has been due for a brief period of time.
Cardano Price Analysis: ADA bulls and bears remain within a tight spot at $2.15
- Cardano price analysis is bullish today.
- ADA/USD set a lower low overnight.
- Cardano is likely to regain some of the loss today.
Cardano price analysis is now bullish, with a new lower low being established after a solid decline over the previous 24 hours. As a result, we expect ADA/USD to recover some of its loss later today as bears become weary. Cryptocurrency heat map. Source: Coin360
The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum both traded in the red, with a loss of 2.88 and 2.99 percent, respectively. Meanwhile, Solana and VeChain (VET) dominate the market, with a gain of around 7.5 percent.
Cardano price movement in the last 24 hours: Cardano spikes below $2.15 previous low
During the last day, the ADA/USD pair fluctuated from a low of $2.13 to a high of $2.164, suggesting significant swings throughout that period. Volatility has increased by 27 percent, trading volume has increased by 27.43 percent and totaled $2.78 billion as of this writing, putting the coin in third place overall.
ADA/USD 4-hour chart: ADA set to reverse today?
On the daily chart, we can see Cardano’s price drop beginning to reverse as bears run out of steam after a significant fall.ADA/USD 4-hour chart. Source: TradingView
Cardano’s price has remained stagnant for the previous several weeks. Cardano saw consolidation in a tighter range, with a lower peak at $2.30 near the start of October, after establishing a high low of $2.30 in early October.
The next higher high of $2.30 was followed by a lower low set during the subsequent retracement, which was below $2.15. As a result, the overall trend for ADA/USD is still unclear.
We may see Cardano’s price recover some of its losses in the coming days. If a lower high is broken, we can anticipate bearish momentum to continue into next week.
Cardano Price Analysis: Conclusion
Today’s Cardano price is in an upswing, according to most market forecasters. After a big drop, a new lower low was established today. Bearish momentum, on the other hand, has run its course, and we may expect a retracement in the next 24 hours.
Cardano price hangs back as ADA bulls gather strength for 23% upswing
- Cardano price performance has been uneventful, as the token lagged behind while Bitcoin and Ethereum recorded new all-time highs.
- ADA bulls appear to be struggling with the nearest obstacle at the 21 twelve-hour SMA.
- Only a slice above $2.24 would put the 23% rally on the radar.
Cardano price continues to confuse forecasts ADA teeters between two clearly defined technical levels. Until the Ethereum-killer can overcome the two key areas of resistance, the token can expect a 23% climb toward $2.73.
Cardano bulls ready to tackle next obstacles
Cardano price presents a lack of clear directional bias as it continues to be sealed within a symmetrical triangle pattern on the 12-hour chart. Despite the recent uptick seen in the cryptocurrency market, witnessing Bitcoin and Ether reach new all-time highs, ADA lagged behind.
It appears that Cardano price is gearing up to tackle obstacles, despite the overwhelming strength of the resistances that are currently intimidating the bulls. The first hurdle for ADA is at the 21 twelve-hour Simple Moving Average (SMA) at $2.16. If the Ethereum-killer manages to slice above this level, the next headwind will emerge at the 23.6% Fibonacci retracement level, coinciding with the 50 twelve-hour SMA at $2.19.
According to the IntotheBlock’s In/Out of Money Around Price (IOMAP), the aforementioned level of resistance would be a challenging level to crack for the bulls, given that it is the largest cluster recorded by the technical metric, as 226,650 addresses purchased 7.82 billion ADA at an average price of $2.19.
If the buyers manage to slice above this stiff hurdle, would see Cardano price tag the upper boundary of the prevailing chart pattern at $2.24. Breaking above the topside trend line of the triangle would put the 23% climb on the radar for ADA, as the bulls attempt to reach for $2.73.
ADA/USDT 12-hour chart
The bulls’ journey toward the optimistic target would still be tricky, as a resistance line given by the Momentum Reversal Indicator (MRI) has appeared at $2.30, which sits near the 100 twelve-hour SMA acting as a heavy headwind for Cardano price. ADA would also need to clear the $2.36, $2.50 and $2.64, corresponding to the 38.2%, 50% and 61.8% Fibonacci retracement levels, respectively, before reaching the projected target given by the chart pattern.
However, if a spike in sell orders occurs, Cardano price may fall toward the lower boundary of the symmetrical triangle at $2.10 to retest the trend line as support. If this level fails to hold, the bullish outlook may be ruined as ADA may drop toward the 200 twelve-hour SMA at $2.07 and at the same time put a bearish target of a 23% decline at $1.62 on the radar for the Ethereum-killer.