Cardano Price Analysis: ADA looks to breach $1.2, $1.15 targeted next?
- ADA retested $1.3 resistance overnight.
- Cardano started pushing lower today.
- Next target at $1.15.
Cardano price analysis is bearish for the next 24 hours as the market currently looks to breach the previous low. Therefore, we can expect further downside to the $1.15 support next.
The overall market trades in the red over the last 24 hours as bears have taken over momentum over the past hours. Bitcoin is down by 1.81 percent, while Ethereum is around $1.85 percent.
Cardaardanono price movement in the last 24 hours: Cardano pivots around $1.30
ADA/USD traded in a range of $1.22 – $1.29, indicating a substantial amount of volatility. Trading volume has slightly increased to $1.65 billion, while the total market capitalization trades around 39 billion, ranking the cryptocurrency in 5th place overall.
ADA/USD 4-hour chart: ADA ready to reach $1.15 next?
On the 4-hour chart, we can see the Cardano price starting to approach the previous low around $1.20 as bears prepare to push the market towards the $1.15 mark next.
The overall Cardano price action structure has turned bearish again over the past weeks after the $1.5 mark was briefly tested at the beginning of June, and a clear medium-term lower low was set. This was a result of a lot stronger bearish push to the downside earlier in June, after which the $1 mark was retested again as a significant support level.
Therefore, the current bearish momentum will likely push towards the $1 mark over the next few days. However, first, there is a minor support level of around $1.15. Since earlier this week, we saw ADA/USD establish a clear lower low and spike to $1.2 after some consolidation, we can expect further downside to follow over the rest of the week.
Yesterday, the Cardano price rallied higher and retested the $.130 resistance, which previously acted as a support. Overnight, bulls could not push any higher, and a clear higher low wa set. This ADA/USD price action development should lead towards a lot more downside rover in the next 24 hours to the $1.15 mark.
Cardano Price Analysis: Conclusion
Cardano price analysis is bearish for the rest of this week as a clear lower high was established overnight, and the market approached the previous low again. Therefore, we expect ADA/USD to move towards the $1.15 support over the next 24 hours.
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