TL;DR Breakdown
- Market is highly volatile since yesterday.
- ADA is overall bearish in the last 24 hours with short bullish bouts.
- Price will most likely fall further in the next 24 hours due to high resistance.
According to our Cardano price analysis, the market is going to be volatile with fluctuations between $1.46 and $1.39 over the next 24 hours.
After the brief bullish trend between 13:00 (UTC) and 19:00 (UTC) yesterday, Cardano reached a recent high of $1.49 and since then, the market took on a bullish trend until 2:00 (UTC) today on the 5th of July.
A retrace back to yesterday’s high of $1.49 is plausible but not likely. Even though the market has traded in greens in the last 24 hours most of these are immediate-short retraces from bigger downfalls.
The price seems to be average between $1.44 and $1.38 today. Here forward, our Cardano price analysis reveals a huge chance of the market becoming bearish due to high resistance.
Cardano Price Movement in the Last 24 Hours
Cardano is moving between a high of $1.45 and $1.37 in the last 24 hours. The previous day’s range was somewhat the same, which indicates high volatility in the market. The trading volume has gone from 830.965k to 151.741k. With a total market cap of 45.471B, Cardano currently stands on the 5th rank in the market.
Cardano Price Analysis – ADA/USD 4-hour chart
The 4-hour Cardano price analysis shows that the resistance is currently increasing. Between 8:00 (UTC) and 12:00 (UTC) today, significant resistance is being observed. However, from 12:00 to 16:00, the trend seems to be bullish.
Increasing resistance coupled with bulls that are not exhausted yet means that there is going to be significant volatility in the price.
The overall momentum, however, is bearish since yesterday as per Cardano price analysis. The market currently struggles to retrace the price back to $1.46 (yesterday high). However, even if bulls manage to push the price to that point, another bear engulfing can happen.
Yesterday, there was a breach in the $1.40 resistance with a higher high at $1.45. The bullish moment was hence lost, and the price went down. It is expected that ADA will take another plunge in the next 24 hours as short bouts of bullish moves fail to meet up with the continuous resistance momentum.
Cardano price anaysis conclusion: ADA falling to retrace to $1.46?
The market is expected to remain bearish in the next 24 hours. While bulls are trying to generate some momentum, these bouts are very short and fail to meet up with the resistance.
Cardano will most likely fail to retrace back to the swing high of $1.89 on the June 3. Even yesterday’s high of $1.46 seems difficult to achieve.
The support is predicted around $1.27 and is expected to prevent further reduction in the price. Hence, the price could fall slightly more before the resistance loses momentum and bulls start pushing the price up from a swing low again.
However, due to significant volatility and steeper downfalls followed by short bullish periods, retracement seems unlikely.
While Cardano price analysis struggles to retrace upwards, you might want to read our comprehensive Cardano buying guide. With that, also consider going through our detailed guide on Cardano Staking.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions. Source: https://www.cryptopolitan.com/cardano-price-analysis-2021-07-05/
