Cardano price analysis: Cardano rapidly retraces, prepares to move below $1.30?

TL;DR Breakdown

• ADA retraced yesterday.
• Slight upside momentum overnight.
• Bears ready to push ADA/USD towards the next support at $1.15.

Cardano price analysis is bearish for today as bears have taken over the price action momentum over the past hours again and look to push Cardano below $1.30. Therefore, we expect a lot more downside over the next 24 hours.

The overall market trades in the red over the last 24 hours. Bitcoin has dropped by 2.86 percent, while Ethereum 4.44 percent. Dogecoin (DOGE) is among the worst performers with a loss of 6.5 percent.

Cardano price movement in the last 24 hours

ADA/USD traded in a range of $1.31 – $1.46, indicating a good amount of volatility. Trading volume has increased by 73.6 percent and totals $2.995 billion. The total market cap stands at $42.2 billion, ranking cryptocurrency in 5th place overall.

ADA/USD 4-hour chart – ready to move lower?

On the 4-hour chart, we can see a slight push higher overnight, after which ADA/USD started to retrace lower again. 

The overall Cardano price action structure is still bearish. After some attempt to move higher from the $1 low set at the end of May, the market attempted to move higher several times, with the $1.80 mark resisting further upside.

At the beginning of June, ADA/USD set a slightly higher high around $1.90, however, since it was only marginally higher, we expected another major reversal to come. This indeed was seen over the past weeks as several local lower lows and highs were set until the $1.35 mark was reached.

Over the last 24 hours, the $1.,35 support was broken and a quick spike towards the $1.30 was seen. After Cardano made a quick spike higher to the $1.45 mark overnight, the market pivoted again and started moving lower over the last hours.

This price action development is bearish overall and should lead Cardano towards further downside over the next 24 hours. The next support target is located at the $1.15 mark, which would mean a lot more bearish price action.

Once the $1.15 mark is reached, ADA/USD would set a very price action structure and move to the $1 mark next. Overall, this means that we should wait for further Cardano price action development over the next few days before making trading decisions.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bearish as the market looks to move towards further lows around $1.15 support. Therefore, we expect the $1.30 mark to be breached later today and another clear lower low to be set.

While waiting for further Cardano price action development, read our guides on DeFi advantages, Bitcoin fees, 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-2021-06-21/