Cardano Price Analysis: ADA drops back to $1.40, support found?
- Cardano price analysis is bullish today.
- Cardano dropped another 10 percent yesterday.
- ADA/USD currently consolidates above $1.40 support.
Cardano price analysis is bullish today as we saw the $1.40 support stop the market from further downside. Since then, ADA/USD has consolidated, indicating a potential reversal forming later.
The cryptocurrency market has seen bearish momentum return over the last 24 hours. Bitcoin has declined by 3.29 percent, while Ethereum by 3.63 percent. Meanwhile, Cardano (ADA) is among the worst performers, with a loss of almost 7 percent.
Cardano price movement in the last 24 hours: Cardano begins to consolidate above $1.40
ADA/USD traded in a range of $1.38 – $1.54, indicating substantial volatility over the last 24 hours. Trading volume has declined by 0.74 percent, totaling $1.813 billion. Meanwhile, the total market cap trades around $48.26 billion, ranking the coin in 6th place overall.
ADA/USD 4-hour chart: ADA ready to regain yesterday’s loss?
On the 4-hour chart, we can see the $1.40 support still being respected, likely leading to reversal later today.
Cardano price has seen a quick reversal over the past days after a more than week long rally earlier in the month. A strong swing high was set at $1.60 on the 27th of December, with a sharp selloff following shortly after.
Initially, the $1.44 mark was reached. However, after a quick retest of upside, another drop followed late yesterday. This time, ADA/USD found support at $1.40, meaning a total retracement of around 13 percent.
Overnight, the Cardano price action consolidated sideways above the $1.40 newly found support. Likely bulls will take over again from there, leading ADA/USD to another test of upside.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish today as we expect reversal after another drop of 10 percent was seen yesterday. Therefore, as long as ADA/USD continues to respect the $1.40 support, we can expect another push higher to follow.
While waiting for Cardano to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.