Cardano Price Analysis: ADA consolidates below $1.30, ready to test further downside?

Cardano [ADA], the sixth largest cryptocurrency by market cap (according to CoinMarketCap), is consolidating below $1.30, as the coin attempts to move away from the previous week’s high of $1.45. On the daily time frame, ADA looks poised to test the recent low of $0.922 if bears manage to push the price below this level. The bullish wave from $0.835 to $0.922 was short-lived, as the bulls failed to sustain above $1.30.

Cardano has been at the forefront of the cryptocurrency world since its release last year, and has managed to generate a lot of attention in the process. The platform currently has a market cap of $2.4 billion, a price of around $0.90, and a circulating supply of roughly 84.8 million ADA.

After a long and steady price decline, Cardano is now ready to consolidate below $1.30. As of writing, ADA is trading at $1.27, and has declined by roughly 4.6% over the past 24 hours.. Read more about cardano news and let us know what you think.

TL;DR Summary

  • Overnight, ADA continued to consolidate below $1.30.
  • The ADA/USD exchange rate is expected to flip.
  • The next level of support is at $1.15.

Cardano price analysis shows that negative momentum has taken hold this week, as bulls have been unable to drive the market higher, and the $1.30 barrier remains in place. As a result, we anticipate ADA/USD to reverse later today and begin a move towards the $1.15 support level.

Heat map of cryptocurrencies. Coin360 is the source of this information.

Over the past 24 hours, the cryptocurrency market has seen minimal volatility. Bitcoin is up 0.24 percent, while Ethereum is almost unchanged. With a loss of 5%, Ripple (XRP) is among the poorest performers.

In the past 24 hours, the price of Cardano has risen: Cardano is currently consolidating below the $1.30 mark.

Over the past 24 hours, ADA/USD has traded in a range of $1.26 to $1.32, showing moderate volatility. Trading volume has dropped 18.22% to $1.66 billion, with a total market capitalization of approximately $40.85 billion.

ADA/USD 4-hour chart: Is $1.15 the next target?

On the 4-hour chart, the Cardano price is continuing to consolidate below the $1.30 barrier, implying more fall later this week.

Cardano Price Analysis: ADA consolidates below $1.30, ready to test further downside?4-hour chart of the ADA/USD currency pair. TradingView is the source of this information.

For more than a week, Cardano’s price has been very positive. ADA/USD dropped more than 30% of its value after quickly falling from a prior swing high of approximately $1.50 in early July. Support was located around $1.02 support.

Cardano’s price began to quickly rise from the $1.02 support level, with a fast surge to the $1.40 mark on Monday. Further gain was rebuffed, and ADA/USD has been trending downward over the past several days.

The ADA/USD pair has formed a consolidation zone below $1.30, which may break in any direction. Given the bulls’ exhaustion and the recent denial for additional higher, ADA is likely to fall lower. However, we may see one last push higher to test prior highs and establish a local lower high from which to descend. As a result, Cardano’s price is likely to fall later this week, with $1.15 serving as a support.

Conclusion of the Cardano Price Analysis 

Cardano price research suggests that negative momentum will emerge in the next 24 hours, as bulls have spent their energy after a big surge higher earlier this week and rejection for additional downside. As a result, during the next 24 hours, ADA/USD should invert and begin testing additional downside, with the first support level around $1.15.

While you wait for Cardano to drop, check out our tutorials on Bitcoin fees, DeFi benefits, and what you can buy with Bitcoin.

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.

The Cardano cryptocurrency (ADA) has lost a little more ground over the past 24 hours, consolidating below $1.30 as it approaches the support level at $1.21. If it should break through that level, it could set up for further losses, although there are several bullish signs around the technical levels.. Read more about ada stock news today and let us know what you think.

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