- Cardano price analysis is bearish today.
- ADA/USD found resistance at $1.30.
- Support at $1.20 is likely to be tested next.
Cardano price analysis is bearish today as we have seen the $1.30 mark stop further advance twice. Therefore, ADA/USD should move for a deeper retracement before more upside can be seen.
The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 0.91 and 1.54 percent, while Cardano (ADA) has lost 0.6 percent.
Cardano price movement in the last 24 hours: Cardano rejects upside at $1.30 again
ADA/USD traded in a range of $1.23 – $1.30, indicating a moderate amount of volatility. Trading volume has decreased by 32.67 percent, totaling $1.36 billion. Meanwhile, the total market cap trades around $42.43 billion, ranking the coin in 7th place overall.
ADA/USD 4-hour chart: ADA looks to decline again?
On the 4-hour chart, we can see selling pressure returning for the Cardano price action as the $1.30 mark prevented further upside again.
Cardano has seen a strong recovery this week after previously declining as low as $1.08. Strong rejection for further downside was seen on the 10th of January, leading to a sharp reversal.
Over the next days, ADA/USD moved above previous highs until it peaked at $1.35 on the 13th of January. Since then, the market retraced to $1.23 before attempting to test more upside.
Resistance was seen at $1.30 this time, sending the Cardano price lower again. Not much downside followed before another spike to $1.30 was seen. Since more upside was rejected again, we assume ADA//USD is still bearish, and more downside will be tested over the next days.
Cardano Price Analysis: Conclusion
Cardano price analysis is bearish today as we have seen another rejection for upside late yesterday. Therefore, we assume ADA/USD will drop again, with the next support level located at $1.20.