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Cardano Price Analysis: ADA retraces after a spike above resistance, the $2.2 mark currently holds

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  • Cardano price analysis is bearish today.
  • ADA/USD saw a brief spike above $2.30 resistance.
  • Further downside to establish higher low likely to follow.

Cardano price analysis is bearish today as we expect more downside to follow after a strong rally ended yesterday with a move to $2.378. Therefore, more retracement is likely needed before a higher low can be established from which to attempt another rally.

Cardano Price Analysis: ADA retraces after a spike above resistance, the $2.2 mark currently holds  1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market saw a bearish momentum return over the last 24 hours. Bitcoin lost 0.27 percent, while Ethereum 0.21 percent. Meanwhile, Loopring (LRC) is the top performer, with over 50 percent gain.

Cardano price movement in the last 24 hours: Cardano peaks at $2.37 after a strong rally yesterday

ADA/USD traded in a range of $2.17 – $2.38, indicating substantial volatility over the last 24 hours. Trading volume has increased by 8.8 percent and totals $6.335 billion. Meanwhile, the total market cap trades around $74.4 billion, ranking the coin in 4th place overall.

ADA/USD 4-hour chart: ADA to pause before more retracement?

On the 4-hour chart, we can see the Cardano price finding some support at $2.2 after a strong retracement earlier, indicating some upside could follow over the next hours.

Cardano Price Analysis: ADA retraces after a spike above resistance, the $2.2 mark currently holds
ADA/USD 4-hour chart. Source: TradingView

After a strong move lower at the end of October, Cardano price action established support around $1.90 by the end of the month. After several days of consolidation,  the first attempt to move higher followed on 3rd November.

Selling pressure quickly returned, returning ADA/USD towards the previous support area. Further consolidation followed at the end of last week until another rally began on Monday.

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This time, the Cardano price action broke past the previous high as strong buying pressure continued yesterday. Eventually, ADA/USD peaked at $2.37, leading to the current retracement that will likely continue over the next few days.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bearish for today as we expect further retracement after a strong rally over the past days. Therefore, the current support at $2.2 will likely be broken as ADA/USD tests further downside.

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Cardano

Cardano In A Critical State, ADA Price May Slide To $1 If Fails To Flip!

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Cardano nowadays appears to have remained distinct with the market as the ADA price failed to follow the market trend. Ever since the Alonzo hard fork, the crypto space experienced multiple prices jumps at different intervals.

Bitcoin flipped the sideway trend and ranged high to smash its highs just below $70K. At this time, most of the assets inculcated a bullish momentum, however, ADA still remained out of the crowd and trended similar to a stablecoin.

No doubt the asset did attempt to flip the narrow trend, yet the fresh crash trembled the plot to a large extent. The ADA price currently is attempting very hard to sustain above $1.5 and appears it may be successful to a large extent.

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Yet, if the price trend fails to flip, the price is expected to decline below $1.5. A popular analyst, Micheal de van Poppe, believes the price may slowly drop to the major support levels close to $1 very soon. 

The analyst marks these support levels as the most important levels to sustain and also reverse the trend from here. A reversal may uplift the price back above $1.5 levels which may later go and test the upper resistance levels too. However, the important resistance levels still remain around $2.2 and surpassing these levels may confirm with the bull run. 

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Collectively, Cardano currently in the past 2-3 months is swinging in a very narrow range and trending with the same symmetrical triangle.

However, the asset has now broken the triangle and heading towards the south, a notable flip above the support levels is very much mandatory. Also, some still believe that the time has come for the ADA price to flip as a lot of DeFi stuff is incoming in the form of Ardana, Sundae Swap etc. 

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Cardano (ADA) Price Could Decline to 15% Any Moment From Now

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  • Cardano (ADA) is at risk to decline to 15%.
  • If this happens, the ADA price will drop to $1.26.

There is a high possibility for Cardano’s ADA price to plummet down to 15% in the crypto market any moment from now. The bearish movement was spotted based on how ADA is currently struggling to secure reliable support to start a new price swing.

In many ways, this shows that if the price downtrend momentum grips ADA, the Cardano community should expect the ADA to decline to $1.26, according to a report. However, this time is deemed a very crucial moment for Cardano to strengthen its crypto arms for betterment.

As said earlier, apart from the predicted $1.26 drastic decline, it is worth mentioning that ADA is still at risk to see further losses if it fails to regain crucial support to prevent greater losses in the coming day.

Meanwhile, ADA’s price swiftly skyrocketed up to $1.72 on November 24. Since then, it has seen a continual drop down of over 13%, recording a new swing low of $1.48. Additionally, citing from the report, Arms Index (TRIN) — a tool that gauges all the market sentiment signals that there are more sellers than buyers in the market these days.

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Indirectly, this could generally be the behind-the-scenes of why Cardano keeps retrogressing in its performance nowadays. Furthermore, many also attribute Cardano’s current downside to how eToro exchange attempted to delist ADA due to a recent sell-off.

Above all, it is not too late for Cardano to jumpstart a new price performance in the market. If bulls decide to buy and trade more using ADA, the crypto could find huge support to form a new price surge. At writing time, Cardano (ADA) trades at $1.51 with a 24-hour volume of over $1 billion on CoinMarketCap.

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CQ Twitter Poll: VeChain Wins Against SHIB, DOGE, and ADA

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  • The Crypto market is down, following the most dominant crypto Bitcoin.
  • ADA, DOGE, VET, SHIB are some cryptos that caught the attention of investors.
  • VeChain won the poll with 57.8%.

For some time, the cryptocurrency space becomes extremely furious, followed by whales on the streets. But the most dominant crypto, Bitcoin, initiates the dump and most of the assets just follow suit. Likewise, almost all crypto assets crashed heavily. As a result, many weak hands just let their assets go.

On the other hand, while other retail traders are negatively impacted by the dip, some traders are planning to buy during this time. Moreover, Cardano (ADA), Dogecoin (DOGE), VeChain (VET), and Shiba Inu (SHIB) are the cryptos that caught the eye of investors all around the world. Thus, CoinQuora published a Twitter poll to know the opinion of each follower in terms of which crypto they are willing to buy during the dip.

As a result of the poll, VeChain takes the lead with 57.8% votes, followed by Shiba Inu with 19.3% votes. At the same time, Cardano in third place gathered 17% votes, and Dogecoin took fourth place with 5.9% votes.

According to the result, the majority of CoinQuora’s followers believe in the VeChain network and they are willing to buy more VET tokens during the dip. At the time of writing, the VET price is trading at $0.1106 with a 24-hour trading volume of $389,052,842, according to CoinMarketCap.

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