Cardano Price Analysis: ADA drops to $1.60, swiftly reacts higher
- Cardano price analysis is bearish today.
- ADA/USD broke past the $1.75 support yesterday.
- New low set at $1.60.
Cardano price analysis is bearish today as we saw a strong lower low set at $1.60 after a break below $1.75 previous low. Therefore, we expect ADA/USD to continue even lower over the following days.
The cryptocurrency market has seen mixed results over the last 24 hours. Bitcoin has gained 1.69 percent, while Ethereum 0.09 percent. Meanwhile, Cardano (ADA) is among the worst performers, with a loss of 4.4 percent.
Cardano price movement in the last 24 hours: Cardano spikes to $1.60, pauses before further downside?
ADA/USD traded in a range of $1.59 – $1.70, indicating substantial volatility over the last 24 hours. Trading volume has increased by 27.97 percent, totaling $3 billion, while the total market cap trades around $54.14 billion, ranking the coin in 6th place overall.
ADA/USD 4-hour chart: ADA retraces before further downside is tested
On the 4-hour chart, we can see the Cardano price action slightly retracing as bears prepare for another push lower later today.
Cardano price action has seen a strong decline over the past weeks. After a strong rally on the 9th of November resulted in a new high set at $2.375, a sharp reversal followed, pushing towards new lows by the middle of November.
Last week, we saw the $1.75 mark offer support, resulting in a retracement to $1.95, where a strong lower high was set. The $1.75 support was tested again by Monday, with a slight consolidation formed until a strong spike lower was seen early yesterday.
This time, the Cardano price action found support at $1.60. After a slight reaction higher, we have seen bearish momentum resume over the last hours. Therefore, ADA/USD is likely headed lower again.
Cardano Price Analysis: Conclusion
Cardano price analysis is bearish today as we saw the $1.75 support break, leading to a strong lower low at $1.60. This morning, ADA/USD saw a slight retracement to $1.70, with bearish momentum returning over the past hours, likely leading to further downside later today.
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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