Cardano price analysis: ADA swiftly returns back to $0.44, reversal next?
Cardano price analysis is bullish today as we have seen a strong drop earlier today, with previous support at $0.44. Since then, ADA/USD has reacted higher, indicating that more upside will follow over the next 24 hours.
The market has traded in the red over the last 24 hours. The leaders, Bitcoin and Ethereum, lost 5.63 and 7.75 percent, respectively. Meanwhile, the rest of the market followed close by with similar results.
Cardano price movement in the last 24 hours: Cardano continued to decline
ADA/USD traded in a range of $0.4362 to $0.4732, indicating strong volatility over the last 24 hours. Trading volume has increased by 10.5 percent, totaling $850.44 million, while the total market cap trades around $14.96 billion, resulting in a market rank of 8th place.
ADA/USD four-hour chart: ADA ready to reverse?
On the four-hour chart, we are able to see the Cardano rate motion reacting at the $0.44 mark, indicating that the numerous-day bearish momentum can be over. However, if similarly drawback is reached, we should see an excellent further drop to the $0.42 next guide tomorrow.
Cardano price movement has didn’t attain similarly upside after the previous resistance at $0.51 became damaged final Sunday. ADA/USD peaked at just beneath $0.53 before returning returned decrease.
Early this week, previous local lows have been damaged, bringing ADA into in addition decline. Bearish strain persisted the day past, forming slight consolidation at the $0.44 mark. However, reversal did not follow, as more selling endured overnight.
By the center of the day, Cardano rate had reached its previous low of $0.44. A slight better reaction observed, indicating that the bears have been exhausted. If the $0.44 mark maintains to keep, we expect ADA/USD to push even higher later this week.
Likely any other lower excessive might be set beneath $0.51. From there, bears need to attempt to interrupt the $0.44 aid and $0.42 previous low.
Cardano rate analysis: Conclusion
Cardano rate analysis is bullish today as we have visible a robust decline cease at the $zero.Forty four aid. Therefore, if similarly drawback does not observe over the next 24 hours, we assume ADA/USD to reverse and head back higher later this week.