Cardano price analysis: ADA spikes to $1.45, ready for a retracement?

TL;DR Breakdown

• ADA moved higher yesterday.
• Spike higher to $1.45 earlier today.
• Market likely to retrace again.

Cardano price analysis is bearish for today as the market set a higher high to the $1.45 mark and further upside is rejected right now. Therefore, we can expect ADA/USD to retrace later today and test the $1.30 support once again.

The overall market trades in the green over the last 24 hours. Bitcoin has gained 4 percent, while Ethereum 8 percent. The rest of the altcoin market trades with similar bullish results.

Cardano price movement in the last 24 hours

ADA/USD traded in a range of $1.32 – $1.44, indicating a strong amount of volatility over the last 24 hours. Trading volume has increased by 20.6 percent and totals $2.3 billion. Meanwhile, the total market cap stands around $45.3 billion, ranking cryptocurrency in 4th place overall.

ADA/USD 4-hour chart – ADA rejects further upside?

On the 4-hour chart, we can see the Cardano price rejecting further upside over the past hours as bears prepare to test the $1.30 support once again.

The overall several-week Cardano price action is still bearish as a significant major swing higher high is yet to be set. However, signs of some recovery were seen over the last week with a higher local high and low set. 

Yesterday, ADA moved higher again and moved into the previous major support area around $1.40-$1.45, which previously acted as a support. From there, ADA/USD will likely move lower again over the next 24 hours to retest the $1.30 local support.

If the $1.30 support is not breached, further upside should be seen next week. However, considering the overall price action structure, we will likely see a lot more downside over the next week. ADA/USD should break below the $1.30 support and retrace even lower to the $1.15 mark next.

From there, the  Cardano price could continue pushing even lower to retest the $1 mark next. This means that we still need further ADA/USD price action development before we can start to be bullish once again.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bearish for the next 24 hours as a higher high was set earlier today and bears prepare to push ADA/USD lower again. This price action development should lead ADA towards a retest of the $1.30 support. 

While waiting for Cardano to retrace, read our guides on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

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-2021-07-03/