2021-06-20 08:00:00

Cardano price analysis: Cardano set to test $1.35 support?

TL;DR Breakdown

  • ADA moved sideways overnight.
  • Support at $1.35 still holds.
  • Market undecided where to go next

Cardano price analysis is bearish as ADA retraced over the last days and retested the $1.35 support again. Therefore, the market structure is still bearish and we can expect ADA/USD to move lower over the next 24 hours to set a lower low.

Cryptocurrency heat map. Source: Coin360

The overall trades in the red over the last 24 hours as the market leader, Bitcoin has lost 0.8 percent. Meanwhile, Ethereum has lost just 2.2 percent, with similar results for Cardano (ADA) and the rest of the altcoin market. Ripple (XRP) is among the worst performers with a 5 percent loss.

Cardano price movement in the last 24 hours

ADA/USD traded in a range of $1.37 – $1.44, indicating a moderate amount of volatility. Trading volume has decreased by 23.77 percent and totals $1.722 billion. Meanwhile, the total market cap stands at $44.7 billion, ranking cryptocurrency in 5th place.

ADA/USD 4-hour chart – ADA still respects $1.35 support

On the 4-hour chart, we can see the Cardano price action moving lower overnight to retest the $1.35 support again.

Cardano price analysis: Cardano set to test $1.35 support?
ADA/USD 4-hour chart. Source: TradingView

The overall market trades within a bearish price action structure over the last weeks after a swing high was established around the $1.90 resistance. This comes after a strong spike lower over the second half of May, where ADA/USD retraced by 60 percent and found support at the $1 mark. 

From there a quick spike higher was set to the $1.80-$1.90 area, establishing a major resistance, which needs to be broken in a clear way before bulls can regain control over the market.

As we can see over the past weeks, the Cardano price retraced again with the $1.35 support first tested on the 12th of June. From there, bulls tried to regain control, however, another lower low was set around $1.60. 

This led ADA/USD towards another retracement over the past week to the $1.35 mark again. Therefore, the $1.35 mark has been retested twice and we can expect it to break later today as the overall momentum is still bearish.

Once the $1.35 mark breaks, the next support is located around $1.15, meaning a potential further loss of around 18-19 percent.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bearish for today as the market retraced lower over the last 24 hours to the $1.35 support, which likely will be broken later today. Therefore, it is important to watch how the ADA/USD price action will  

While waiting for further Cardano price action development, read our guides on DeFi advantages, Bitcoins fees, as well as 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.

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