Cardano price action is bearish, hourly chart trading in head and shoulder pattern through $2.13

Cardano price prediction is bearish on the daily chart and indicates chances of a price run down in the upcoming sessions.
Cardano price prediction is bearish on the daily chart and indicates chances of a price run down in the upcoming sessions.

Cardano price prediction summary

  • Cardano price prediction indicates that the ADA/USD at $2.12
  • We are expecting further downsides to take place in the next 24-hours

Cardano price prediction indicates that the ADA/USD pair opened the 24-hour chart at a price of $2.12.

The bulls activated several white soldiers on the hourly chart resulting in a trough pattern; with the axis cutting through $2.157. A price mark serving as the daily high for Tuesday’s Cardano price prediction 24-hour chart.

Sellers are looking forward to constricting the price of Cardano towards the 161 FIB retracement level, which could cause a downside to $1.80. Given the bearish thesis that’s breaking down ADA’s price, the possibility of an uptrend above the current price constriction is low. 

Therefore, we are expecting further downsides to take place in the next 24-hours if the bulls are unable to overcome rejection of $2.20.

The overall cryptocurrency market is trading with mixed results after Bitcoin rose by 0.09 percent and Ethereum declined by 3.1 percent. Hot gainers on the 24-hour chart include Binance Coin, Dogecoin, and Vechain.  Losers on the 24-hour chart include Ethereum, Cardano, Solana, Ripple, and Polkadot.

1-day Cardano price analysis chart

Cardano on the 24-hour candlesticks has been fluctuating within a bearish tight range starting from a daily low of $2.119 to a daily high of $2.157. The total daily trading volume is trading at $2.823 billion after a 33 percent positive change in the last 24-hours. Additionally, Market capitalization for Cardano decreased by 0.88 percent to $70.053 billion.

On the hourly Cardano price prediction chart, ADA/USD is trading within a head and shoulder pattern; with the neckline passing through $2.132. As of this writing, Cardano is changing hands at $2.126 per piece.

Cardano price prediction
Cardano price chart by TradingView

The price of Cardano has been largely sideways for the previous several weeks. After establishing a higher low at $2 in early October, a lower high was established at $2.30 at the start of the month, suggesting consolidation in an increasingly tighter range.

Meanwhile, the price has since remained at around $2.30, and the ADA/USD’s future trajectory is uncertain.

Traders anticipate that Cardano will recover some of its value in the coming 24 hours. If a lower high is made, bearish momentum might continue throughout this week.

Cardano price prediction conclusion

Cardano price prediction indicates that Cardano will take a bearish trajectory in the coming hours. This is after the bulls met rejection at $2.157. Meanwhile, the bulls and bears are already engaged in a tug fight resulting into the H&S shape of the price pattern on the 1-hour chart. We anticipate a price drop in the coming 24-hours.