Cardano, the third largest cryptocurrency by market cap, has been correcting at a slow pace for the past two months. After breaking through resistance at $0.3, the ADA/USD pair entered a bearish trend that saw the price drop to a new low at $0.11 on March 7th. Since then the pair has slowly been recovering, and today is having its second attempt at a retest of the $1.40 all-time high. This retest is likely to happen later today, and we will be keeping a close eye on the price action throughout the day.
The Cardano price continues to follow the script of the previous price action, which essentially means that it is slowly digesting the higher lows that were just created.
Cardano is one of the biggest cryptocurrencies right now. It’s a relatively new coin with an interesting backstory, but also it may have a bright future if it can overcome its current challenges. Let’s take a look at what’s going on with ADA right now.. Read more about cardano news and let us know what you think.
- Yesterday, ADA retraced its steps.
- Overnight, there was a consolidation.
- The market is getting ready to retest the prior high.
Because a little higher bottom was recorded overnight, Cardano price research suggests positive momentum will continue over the next 24 hours. As a result, we anticipate ADA/USD to retest the current swing high of $1.40 before reversing significantly later this week.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the general market has been trading with a modest positive trend. While Bitcoin is up 3.4 percent, Ethereum is down 0.6 percent. Meanwhile, with a gain of 11.6 percent, Ripple (XRP) is one among the top performers.
In the past 24 hours, the price of Cardano has risen: Cardano makes a new local high low.
Over the past 24 hours, ADA/USD has traded in a range of $1.24 to $1.32, showing moderate volatility. The entire market value of the cryptocurrency is $41.22 billion, putting it in fifth position overall. Trading volume has dropped by 12.52 percent to $2 billion.
ADA/USD 4-hour chart: ADA aiming for $1.40 retest?
The Cardano price has been gaining momentum over the past 24 hours on the 4-hour chart, as bulls seek to retest the $1.40 level.
4-hour chart of the ADA/USD currency pair. TradingView is the source of this information.
Over the last several days, Cardano’s price has begun to trade with a strong positive momentum. After a sharp retracement last week, the ADA/USD pair finally found support around the $1.02 level and quickly reversed.
Following that, a 35 percent rise to the $1.40 barrier was observed, with strong denial for additional upward expected on Monday. Following that, ADA/USD began to retrace yesterday, making a little higher bottom at $1.22.
Overnight, Cardano pricing began to gain impetus for additional gains, with the $1.30 level acting as a barrier. This price action trend could lead to additional gains for ADA/USD over the following 24 hours, with a target of $1.45.
Conclusion of the Cardano Price Analysis
Cardano price research suggests that positive momentum will continue over the next 24 hours, as another slightly higher bottom was established overnight, and bulls are pushing ADA higher. As a result, we anticipate ADA/USD to test the $1.40 resistance level later this week.
While you wait for Cardano to hit $1.40, check out our tutorials on Bitcoin fees, what you can buy with Bitcoin, and the benefits of DeFi.
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.
The Cardano price has been holding on to the $1.40 support level ever since the second wave of the recent downtrend.. Read more about bitcoin price and let us know what you think.
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