ADA/USD Price Prediction: Cardano advancing towards $2.3

Summary

• ADA/USD price prediction is bearish today.
• Cardano is trading at $2.16
• Cardano establishing new lower high

ADA/USD Price Prediction: General price overview

ADA/USD price prediction is bearish today, as a local lower high was established late yesterday, triggering a minor drop overnight. We anticipate that downward momentum will continue later today, with the $2.15 support threatened once more.

Our resistance levels outlined yesterday have been broken, and a local lower high was formed late yesterday. The daily chart shows that ADA/USD established a strong level of support at $2.17. Price action has moved further away from this level during overnight trading sessions. We anticipate momentum to turn bearish as Cardano moves further away from this level. However, we do expect to see some form of recovery from price action before ADA/USD is likely to head below this barrier once more.

The technical indicators are also showing bearish signals on the daily time frame. The RSI is trading below 50, indicating that the bears currently have control of ADA/USD and that further downward movement can be expected in due course. The bulls will require a confirmed break above $2.17 to make any positive gains today; we also need to see a break of the $2.20 barrier before seeing ADA/USD continue its upward progress. Over the past 24 hours, the trading actions continue to favor the bears; It has been a slow start thus far today, but we anticipate that momentum will pick up later in the day. Price action is approaching our first support level at $2.15. The bulls will require a daily close above this level to make any positive gains.

Cardano price analysis is bearish today, with minimal gains expected before ADA/USD finds support at $2.15. 

Cardano price movement in the last 24 hours: Cardano sets daily low at primary support $2.15

The ADA/USD pair had a range of $2.22 to $2.27 for today’s session. Implies reduced volatility. Trading volume increased by 6.59 percent, bringing the market capitalization to approximately $69.8 billion, putting it fourth in the overall market on the evidenced o CoinMarketCap. A bearish start to the day saw ADA/USD drop as low as $2.15, with the minimal movement since then.

ADA/USD 4-hour chart: bearish momentum remains prominent?

ADA/USD 4-hour chart. Source: TradingView

Looking ahead towards today’s session, we expect price action to continue lower over the day and head below the $2.15 support level. Short-term support will likely be at $2.10 (dotted blue line if the bears continue to drive price action lower today. We will look for a break from this support before establishing a long entry, with our first target located at $2.05.

Our short-term bearish outlook comes from the RSI indicator, which is trading below 50, suggesting that the bears are in control of the market momentum. If ADA/USD does find support at $2.10, we expect to see minimal gains over the day, if any. However, if the bulls regroup and push price action higher, resistance will likely be at $2.15, followed by yesterday’s high at $2.16.

ADA/USD Price Prediction: Conclusion

As the trading action continues to favor the bears over the past 24 hours, it is safe to say that yesterday’s bullish rally has failed. Price action was unable to sustain any significant momentum and established a local high at $2.17.

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