Cardano Price Analysis: ADA breaks $1.40 resistance, peaks below $1.50
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TL;DR Breakdown
- Cardano price analysis is bearish today.
- ADA/USD broke past $1.40 resistance yesterday.
- New high reached at $1.50 overnight.
Cardano price analysis is bearish today as we expect a retracement to follow after a strong rally over the last 24 hours. ADA/USD has reached the next major resistance at $1.50, likely needing a retracement before more upside can be tested.
The cryptocurrency market has seen a strong advance over the last 24 hours. The market leader, Bitcoin, gained 5.67 percent, while Ethereum 3.71 percent. Meanwhile, Cardano (ADA) trades with a 7.64 percent increase and is among the top performers.
Cardano price movement in the last 24 hours: Cardano consolidates above $1.30, spikes to $1.50
ADA/USD traded in a range of $1.34 – $1.49, indicating strong volatility over the last 24 hours. Trading volume has increased by 22.18 percent, totaling $1.97 billion. Meanwhile, the total market cap trades around $48.53 billion, ranking the coin in 6th place overall.
ADA/USD 4-hour chart: ADA looks to retrace?
On the 4-hour chart, we can see bearish momentum returning over the past hours as the Cardano price action likely will retrace next.
Cardano price action has seen consolidation in an increasingly tighter range over the past weeks. After initially finding support at $1.20 on the 4th of December, ADA/USD saw several retests of it over the month.
ADA set the last lower high at $1.30 on the 19th of December. From there, the $1.20 support reversed the market again, this time sending the market to break higher.
The Cardano price action initially peaked at $1.37. However, bullish momentum continued yesterday after some consolidation, leading to a spike above $1.40 next resistance. Overnight, ADA/USD reached just below $1.50 before selling pressure returned again.
Cardano Price Analysis: Conclusion
Cardano price analysis is bearish today as we expect a retracement to follow later today as bulls are finally exhausted. Likely ADA/USD will move to retest previous resistance at $1.40 as support next.
While waiting for Cardano to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.
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