Cardano Price Analysis: ADA sets swing high around $1.20, set to continue declining?

Cardano Price Analysis: ADA sets swing high around $1.20, set to continue declining?

Cardano’s price action over the past couple of weeks has been pretty interesting. The cryptocurrency has been bouncing between the $1.20 and $1.30 price levels during this period of time. While the coin has been trading around these levels, ADA has been trading in sideways trend. This has left the coin in a sort of limbo, where no one really knows what the future holds.

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Cardano has been in a “bearish state” since April 17 when it rose to above $0.30 and fell down to below $0.10. Since then, Cardano has recovered above the $0.20 mark and set its highest intraday price of $0.23 on August 3.

Cardano (ADA) is a new cryptocurrency being created by the IOHK research team. It is a fully open source decentralised blockchain project that runs smart contracts and offers a range of tools and services that run on its protocol. Cardano is a “third generation” cryptocurrency, meaning it is a major update to the cryptocurrency that Ethereum is based on, with improvements over the original codebase.. Read more about cardano price analysis 2021 and let us know what you think.

TL;DR Summary

  • Yesterday, ADA made a comeback.
  • Overnight, ADA/USD reached a high of about $1.2.
  • Cardano’s price is expected to drop much further.

Because a definite swing high was established during the past 24 hours, Cardano price analysis is bearish for the remainder of the week. Since the ADA/USD pair has refused additional upward, we may anticipate bears to seize control later today and drive the price further down.

Cardano Price Analysis: ADA sets swing high around $1.20, set to continue declining?Heat map of cryptocurrencies. Coin360 is the source of this information.

Over the past 24 hours, the general market has traded with somewhat positive price movement. Ethereum is up about 4.3 percent, while Bitcoin is up 1.84 percent. Meanwhile, Stellar (XLM) has risen 12.5 percent, making it one of the top performers.

Cardano’s price has risen to a resistance level of $1.2 in the past 24 hours.

Over the past 24 hours, ADA/USD has traded in a range of $1.14 to $1.22, showing moderate volatility. Trading volume has risen by 2.6 percent to $1.84 billion, putting the cryptocurrency in fifth position worldwide with a market value of $37.45 billion.

4-hour chart of ADA/USD: Is ADA about to reverse?

The Cardano price is refusing additional upward on the 4-hour chart, suggesting that bears are poised to drive the market down once again.

Cardano Price Analysis: ADA sets swing high around $1.20, set to continue declining?4-hour chart of the ADA/USD currency pair. TradingView is the source of this information.

Cardano’s overall price movement is still highly bearish, with a definite lower swing high established around the $1.5 level at the beginning of July. The ADA/USD pair then fell by more than 30% until a retest of the $1 level was achieved on Tuesday.

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This price action pattern suggests that bears remain in control; yet, since additional downside cannot be established, ADA/USD may have been trading in a narrower range during the last week. Since a result, the recent rise to $1.2 may be the first indication of a reversal, as a little higher high was established.

Cardano’s impending fall may be a key indicator for the entire market, as a new higher low could be established above the $1 level. In this scenario, we may see ADA/USD begin to reverse in a more significant manner later this month. If, on the other hand, the $1 level fails to hold, we may anticipate a lot more loss in the coming weeks.

Conclusion of the Cardano Price Analysis 

Cardano price research suggests that negative momentum will emerge later today, as additional upside was denied overnight, and a foundation has been formed from which to push down. As a result, we anticipate ADA/USD to decline even further this week, attempting to reclaim the $1 key support level. 

While you wait for Cardano to drop again, 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, 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.

On March 5th, Cardano (ADA) was trading at $1.26, with a nearly 50% rally from the previous day’s low. On March 5th, Cardano reached a high of $1.35, before declining to a low of $0.98 two days later. On March 12th, ADA rose to a high of $1.11, before declining to $0.79. The Cardano price has been trading within a range of roughly $1.20-1.20.. Read more about ada crypto latest news and let us know what you think.

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