Cardano Price Analysis: ADA fails to breach $1.40 previous high, market set for a reversal?

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The price of Cardano’s cryptocurrency ADA has fallen to a two-week low in recent days, after reaching a high of $1.40 earlier in the week. The cryptocurrency looks set to reverse course on Thursday, as the ADA/USD pair is currently trading around its one-month low of $0.96.. Read more about ada consolidation and let us know what you think.

TL;DR Summary

  • Yesterday, ADA made a comeback.
  • Overnight, a higher low was established at $1.30.
  • Cardano is expected to reverse this week.

Cardano price analysis suggests that negative momentum will continue in the next days, since a higher high could not be established yesterday. As a result, we believe the bulls have finally run out of steam and the ADA/USD pair is poised to drop.

Cardano Price Analysis: ADA fails to breach $1.40 previous high, market set for a reversal?Heat map of cryptocurrencies. Coin360 is the source of this information.

Over the past 24 hours, the entire cryptocurrency market has been in the red. With a loss of 5.79 percent, Bitcoin is among the worst performers, while Ethereum has stayed reasonably stable with a loss of 0.89 percent. 

In the past 24 hours, the price of Cardano has risen: Cardano sets a lower high as well as a higher low.

Over the past 24 hours, ADA/USD has traded in a range of $1.30 to $1.38, showing moderate volatility. The amount of trading has risen by 11.84 percent to $1.737 billion. Meanwhile, the entire market value of the cryptocurrency is approximately $42.5 billion, putting it in fifth position.

ADA/USD 4-hour chart: Is ADA on the verge of reversing?

The Cardano price failed to break the previous high on the 4-hour chart, suggesting that bulls have lost strength.

Cardano Price Analysis: ADA fails to breach $1.40 previous high, market set for a reversal?4-hour chart of the ADA/USD currency pair. TradingView is the source of this information.

Cardano has experienced a significant recovery over the past week, with the market up more than 35% from its previous low of $1.02. In the days that followed, the ADA/USD pair rose to the $1.40 resistance level, where further gains were denied.

A multi-day sideways consolidation around the $1.30 level followed, with another effort to go higher yesterday. Cardano’s price failed to surpass the previous high of $1.40, suggesting that bulls had run out of steam in recent days.

Overnight, the ADA/USD pair retested $1.30 as a support level, with a slightly higher low. As a consequence, Cardano is now trading in a tighter range, which may lead to a move lower later this week as bears try to reclaim some of the gains made last week.

Conclusion of the Cardano Price Analysis 

Cardano price analysis for the next days is negative, as bulls are tired following a big rise last week, and a higher high could not be established yesterday. As a result, we anticipate the ADA/USD pair to reverse later this week and hit new lows. 

While you wait for Cardano to reverse, read more on Satoshi Nakamoto, DeFi benefits, and Bitcoin costs in our guide.

Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

Markets around the world today are in turmoil as Bitcoin, Ethereum and other coins continue to plummet. Meanwhile, Cardano has found some footing with a sharp increase in price and we expect a strong reversal soon.. Read more about cardano plutus launch and let us know what you think.

This article broadly covered the following related topics:

  • ada consolidation
  • cryptopolitan
  • cointelegraph price analysis
  • cardano plutus release date
  • cardano plutus launch

About the author

Emilia James
By Emilia James

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