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

Cardano is a cryptocurrency that is based on a layered architecture. The Cardano project described in this article is the Cardano project that is designed to run on Ethereum’s blockchain, but, as explained, Cardano is in a slightly different stage of development than Ethereum. For that reason, it doesn’t look exactly the same as Ethereum, and its price does not move in the same way as Ethereum.

Cardano (ADA) is a relatively new cryptocurrency, but its price has been skyrocketing since the beginning of 2019. The majority of its gains in the past few months can be attributed to an influx of new users, as well as a sell-off of other altcoins by investors who have been rocked by the prolonged bear market. It seems that early investors in Cardano are suffering the consequences of their actions, even though Cardano’s price is still at an all-time high.

Summary of the situation

  • The ADA turned on us yesterday.
  • Slight upward trend tonight.
  • Bears are ready to push ADA/USD to the next support at $1.15.

Today’s price analysis for Cardano is bearish as the bears have once again taken control of the price dynamics of the past few hours and are trying to push Cardano below $1.30. Therefore, we expect a much larger drop in the next 24 hours.

4 hours graph ADA/USD. Source: TradingView

Cardano’s overall price action structure remains bearish. After several attempts to rise from the late May low at $1, the market made several attempts to climb back up, but the $1.80 level was resistance for further gains.

ADA/USD peaked slightly higher around $1.90 in early June, but since it was only marginally higher, we expected another major reversal. This has been the case in recent weeks, with several local lows and highs reached until the $1.35 level was reached.

In the past 24 hours, the $1.35 support level was broken and there was a quick bounce back to $1.30. After Cardano quickly reached $1.45 last night, the market turned around and began to decline in the past few hours.

This development in price action is generally bearish and should lead Cardano to further declines over the next 24 hours. The next support target is at $1.15 per ounce, which would indicate more bearish price action.

Once the $1.15 level is reached, ADA/USD will build a very high price action structure and head for the next $1 level. Overall, this means that we should wait and see how Cardano’s price action develops over the next few days before making any trading decisions.

Gimbal price analysis: Supplement

Cardano’s price analysis is bearish as the market approaches new lows around $1.15 support. We therefore expect the $1.30 level to be breached later today and a new major low to be formed.

While we wait for more action on the Cardano price, read our guides on the benefits of DeFi, bitcoin costs, what you can buy with bitcoins.

Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.

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