Cardano price analysis: ADA spikes to $1.45, ready for a retracement?
Cardano has been on an impressive run, rising from $0.14 to nearly $1.45 in the past few weeks. It has spiked notably in the past 24 hours, gaining around 8% in the last few hours.
Cardano (ADA) is the 11th largest cryptocurrency by market cap. The coin has been performing well over the past month, going from $0.11 on February 15th, 2018 to $0.61 on March 14th, 2018, the highest price it has reached since January 2018.
Summary of the situation
The ADA made progress yesterday.
Earlier in the day, the price rose to $1.45.
The market is likely to fall.
Cardano’s price analysis is bearish now that the market has established a higher high at $1.45 and any further upside is now rejected. Therefore, we can expect ADA/USD to rebound later today and retest support at $1.30.
Heatmap for crypto-currencies. Source: Coin360
Overall, the market has traded in the green for the past 24 hours. Bitcoin is up 4% and Ethereum is up 8%. The rest of the altcoin market is showing similar upward results.
Cardano price movement in the last 24 hours
The ADA/USD pair traded in a range of $1.32 to $1.44, indicating high volatility over the past 24 hours. Trading volume rose 20.6% to $2.3 billion. Meanwhile, the total value of the market is $45.3 billion, which puts the cryptocurrency in 4th place overall.
ADA/USD 4-hour chart – ADA gives up further growth?
On the 4-hour chart, we can see that Cardano price has pulled back from further gains in recent hours, while the bears are preparing for a retest of the $1.30 support level.
ADA/USD 4-hour chart. Source: TradingView
The overall price dynamic for Cardano has been bearish for several weeks, as a significant upper high has not yet been reached. Last week, however, there were signs of a recovery, with higher local highs and lows.
ADA rebounded yesterday, reaching the previous key support zone around $1.40-$1.45, which had previously served as support. From here, ADA/USD is likely to fall again in the next 24 hours to retest the local support level of $1.30.
If support at $1.30 is not broken, we should expect further gains next week. But given the general price action, we’re likely to see many more declines in the coming week. ADA/USD is expected to break support at $1.30 and then drop further to $1.15.
From here, Cardano’s price could fall even further to retest the $1 level next time around. This means we need one more move in the ADA/USD price before we can go bullish again.
Gimbal price analysis: Supplement
Cardano’s price analysis is bearish for the next 24 hours as a higher high was made today and the bears are preparing to push ADA/USD lower. This development should lead the ADA to retest support at $1.30.
Until Cardano returns, check out our guides on the benefits of DeFi, bitcoin commissions, and what you can buy with bitcoin.
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