Cardano price analysis: ADA spikes to $1.45, ready for a retracement?

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

Cardano price analysis: ADA spikes to $1.45, ready for a retracement?

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

Cardano price analysis: ADA spikes to $1.45, ready for a retracement?

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.

Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.

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