Cardano price analysis is bearish today as we have seen further upside tested earlier today. ADA/USD has now reached the next resistance at $0.46, indicating that another retest of the downside is due next.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 1.9 percent, while Ethereum by 8 percent as it was one of the top performers. The rest of the top altcoins followed close by.
Cardano price movement in the last 24 hours: Cardano fails to reverse just yet
ADA/USD traded in a range of $0.4325 to $0.4579, indicating mild volatility over the last 24 hours. Trading volume has declined by 8.89 percent, totaling $661.92 million, while the total market cap traded around $15.4 billion, ranking the coin in 8th place overall.
ADA/USD 4-hour chart: ADA rejected at $0.46
On the 4-hour chart, we can see a reaction lower as soon as the Cardano price hit the $0.46 next resistance. Likely this development will lead ADA lower by the end of the week.
Cardano price action has managed to set a strong new swing low over the course of this week. After several days of decline, ADA/USD spiked below $0.415 support, with a clear reaction seen immediately.
From there, a reaction to $0.44 indicated that strong retracement would likely follow later in the week. After some more consolidation, ETH did indeed spike higher once more during the middle of the day, reaching the next resistance at $0.46.
Overall, Cardano has retraced 14 percent, indicating that another major wave could soon follow. If the previous local low and consolidation area gets broken, we expect ADA/USD to drop even lower over the course of next week. Alternatively, if a higher low is set, we could see the $0.46 resistance broken.
Cardano price analysis: Conclusion
Cardano price analysis is bearish today as the market has broken out of the previous consolidation and found resistance at the $0.46 next resistance. Therefore, another retest of previous lows can be expected over the rest of the weekend. If another local higher low is set, we expect ADA/USD to continue even higher.
While waiting for Cardano to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.