- Cardano price analysis is bullish today.
- ADA/USD set a lower low overnight.
- Cardano is likely to regain some of the loss today.
ADA/USD is in a strong selling mode today, with the price sliding to a new low after a solid drop over the previous 24 hours. As a result, we anticipate ADA/USD to recover some of its losses later today as bears run out of steam.
The overall market was in the red over the past 24 hours. Bitcoin decreased by 0.75 percent while Ethereum dropped 3 percent. The rest of the top altcoins have lost a total of 5%.
Cardano price movement in the last 24 hours: Cardano retraces near $2.09
Over the last 24 hours, ADA/USD has performed in a range of $2.08 to $2.24, suggesting considerable volatility over the previous 24 hours. Trading volume was up by 27.43 percent and stood at $2.78 billion, while the overall market capitalization was about $70.15 billion, placing it in the 10th spot by market cap.
ADA/USD has continued to slide, falling even farther after breaking below the $2.15 support level during the day yesterday, January 26. It also shattered the previous low of $2.18 to set a new low of $2.140.
ADA/USD 4-hour chart: ADA set to reverse today?
On the 4-hour chart, we see the Cardano price begin to reverse as bears are exhausted after a powerful slide.
Cardano price action has been relatively sideways for the past several weeks. After establishing a higher low at $2 in early October, a lower high was established at $2.30 at the beginning of the month, suggesting consolidation in an increasingly tighter range.
The price has since stabilized at around $2.30, and the overall direction for ADA/USD remains uncertain.
Over the next 24 hours, Cardano is likely to recover some of its value. If a lower high is made, it’s possible that bearish momentum will continue through this week.
Cardano Price Analysis: Conclusion
The price of Cardano is presently in a strong uptrend, with the new lower low being established following a significant decline. Bearish momentum, on the other hand, has run out, resulting in a reversal over the next 24 hours.
While waiting for Cardano to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.