Cardano price prediction: ADA/USD price falls to $1.75 amidst bearish pressure

Cardano price prediction summary

• Cardano (ADA) kicked off the day strong with the price trading at $2.02.
• The price action could not hold above the $1.90 resistance and fell to a daily low of $1.759.
• Bulls are preparing to pick up momentum and cross past resistance at $2.10

Cardano (ADA) kicked off the day strong with the price trading at $2.02. However, a rapid downtrend saw Cardano price action set a double bottom at $1.9001. After a few bullish attempts during those early hours, ADA was able to bounce back near $1.97 but the uptrend was met by high seller volumes. 

As a result, the price action could not hold above the $1.90 resistance and fell to a daily low of $1.759. While we are anticipating the price of Cardano to rise and break past the $2.0 psychological support, the price could drop lower as a result of the prevailing bearish conditions. 

According to the cryptocurrency heatmap by Coin360, the overall market is trading in the red zone. Bitcoin and Ethereum have lost 6.82% and 7.7% respectively. Ripple (XRP) and Binance Coin (BNB) are the worst losers of the day after dropping by more than 7.5%.

1-day Cardano price prediction chart

Our daily Cardano price prediction records a daily trading range of $1.759 and $2.018. Which suggests mild volatility over the last 24-hours. The daily trading volume for Cardano went up by a whopping 90% and tested $2.190 billion. Cardano lost its place among the top 5 cryptos by market capitalization and is currently ranked at #6 with a market value of $64.8 billion. 

The hour Cardano price prediction chart is showing high chances of recovery with the buyers pushing an uptrend towards the $1.95 price level. During press time, ADA/USD pair trades at $1.947. The increasing bullish momentum could lead to a breakout by the end of the day, hence we can expect the price to break above $2.000.

ADA/USD 4-hour chart. Source: TradingView

ADA/USD price recorded a gradual downtrend for the last week. However, the price has been trading within a consolidation phase since the start of the month and managed to hold above the $2.0 mark. 

After the buyers pushed the price to the monthly high of $2.375, the sellers came in and caused a drop on the 10th of November; resulting in testing the $1.935 mark. The drop has created a narrow rift between the bulls and bears, causing Cardano price action to trade within a tighter range. 

Cardano price prediction conclusion

The bulls are preparing to pick up momentum and cross past resistance at $2.10. Meanwhile, the bears are still in control and attempting to break towards the 200-day EMA at $1.71. In the meantime, anticipate an uptrend on the 4-hour chart; but a downward correction might take place as the bulls prepare to consolidate sufficient strength to rally higher.