Cardano price analysis: Cardano spikes to $1, steady reversal higher to follow?

Last week, Cardano (ADA) made a remarkable move upwards in price by a whopping 40%, and it looks like the bullish momentum is not abating.

Cardano is an open, decentralized blockchain that lets people send, receive and exchange money in a secure, cheap and global way. Unlike Bitcoin and many other cryptocurrencies, Cardano has its own programming language, meaning that it’s not tied to the limitations of the Web. It’s also built on a roadmap of developing features and improving security, with over 1,300 people on the Cardano team. What are Cardano’s important features? The Cardano network is made up of three components: • The Cardano Settlement Layer (CSL) • The Cardano Computation Layer (CCL) • The Cardano Control Layer (CCL)

At the start of September, Cardano (ADA) hit its highest price of $1 and stayed there for more than a week. It seemed like the Cardano price would just keep climbing and I was ready to buy. At the time, I thought that the Cardano price was too good to be true and that it would either crash back down to $0.75 or it would continue to rise.. Read more about cardano news and let us know what you think.

Summary of the situation

  • ADA closed last night.
  • Support is around $1.
  • The market is ready to retest $1.30.

Cardano’s price analysis for today is bullish, as the market has reached the $1 level and started to give up further declines in recent hours. Therefore, we expect ADA/USD to rise further and reach the previous important resistance around $1.30.

Heatmap for crypto-currencies. Source: Coin360

The general market was in the red for the past few hours. Bitcoin lost 3.3 percent and Ethereum lost 5.95 percent. The rest of the market is following suit, with Ripple (XRP) being one of the worst performers. Cardano is in the middle of the pack with an 8.8% loss.

Cardano price movement in the last 24 hours

ADA/USD was trading in a range of $1.00 to $1.30, indicating good volatility. Trading volume increased 61.8% to $5.6 billion. Meanwhile, the total market capitalization is about $37 billion, putting the cryptocurrency in 5th place.

ADA/USD 4-hour chart – ADA continues its downward movement today

On the 4-hour chart, we can see that the price of Cardano has continued to decline over the past 24 hours and has tested the previous low support of $1 over the past few hours.

4 hour chart ADA/USD. Source: TradingView

Cardano price analysis: Cardano spikes to $1, steady reversal higher to follow?

Overall, the market has been in a downward pattern in recent weeks. After an initial bounce to $1 in the second half of May, ADA/USD pulled back to $1.80 where resistance was established.

Then ADA/USD moved sideways as the bulls tried to regain control. The 3rd. In June, however, Cardano began to fall back from a slightly higher high of $1.90.

This was followed by a slow move towards the $1.35 per ounce support and a further decline in the following days after a new lower high was reached. This price trend has led to a retest of the $1 mark, which so far seems to be preventing Cardano’s price from falling further.

Therefore, we expect ADA/USD to rise in the coming hours and eventually reach a retest of the $1.30 resistance in the next 24 hours. From here, ADA/USD will probably try to drop below $1.

Gimbal price analysis: Supplement

Cardano’s price analysis is bullish, as further declines have been rejected so far and we see a bullish 4-hour divergence candle formed in the last few hours. Therefore, we expect ADA/USD to recoup some of its losses in the coming hours and test resistance at $1.30.

While you wait for Cardano’s price to rise, read our guides on the benefits of DeFi, bitcoin costs, and what you can buy in bitcoin.

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.The start of August also saw Cardano (ADA) surge to a new all-time high of $0.34, which marked a significant improvement over the $0.20 that was seen back in early February. The price performance was not enough for the Cardano community to celebrate, though, as the cryptocurrency support took a hit and began to reverse. During the week, Cardano (ADA) began to stabilize in the $0.30 region, although the gradual recovery may have only postponed the inevitable.. Read more about cardano analysis and let us know what you think.

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