Cardano’s price analysis today is bearish as we see more tests higher today. ADA/USD has hit the next resistance at $0.46, which suggests another retest of the downside is imminent.
The market has been trading in the green for the last 24 hours. The market leader, Bitcoin, is up 1.9 percent, while Ethereum is up 8 percent as it is one of the best performers. Other top altcoins followed closely behind.
Cardano price action in the last 24 hours: Cardano has not reversed
ADA/USD is trading in a $0.4325 to $0.4579 range, indicating little volatility in the last 24 hours. Trading volume fell 8.89 percent to a total of $661.92 million, while the total market cap traded at around $15.4 billion, ranking the coin 8th overall.
ADA/USD 4-hour chart: ADA rejected at $0.46
Looking at the 4 hours chart, we can see the reaction lower once the Cardano price touched the next resistance at $0.46. This development is likely to cause the ADA to decline by the end of the week.
Cardano’s price action managed to set a new strong swing low this week. After several days of declines, ADA/USD rallied below the $0.415 support, immediately seeing a clear reaction.
From there, the reaction at $0.44 indicates that a strong correction is likely to follow later in the week. After further consolidation, ETH rallied again midday and reached the next resistance at $0.46.
Overall, Cardano is down 14 percent, suggesting another big wave could soon follow. If local lows and previous consolidation zones break, we expect ADA/USD to continue lower in the week ahead. Alternatively, if a higher bottom forms, we could see a break of the $0.46 resistance.
Cardano price analysis: conclusion
Cardano’s price analysis today is bearish as the market managed to break out of the previous consolidation and found resistance at the next resistance at $0.46. Hence, expect a retest of previous lows for the remainder of the weekend. If higher local lows are set, we expect ADA/USD to continue higher.