Cardano (ADA) has a long and storied history. Launched in 2015, the project was created by Charles Hoskinson, who was also the CEO and founder of Ethereum. Or at least he was until he quit the project in September 2018. After having the Cardano name legally registered in Switzerland and attracting the attention of both BitGo and Binance, Cardano has been garnering significant attention and interest in the crypto community.
Cardano (ADA) is a cryptocurrency that is worth almost $0.60 per token, and it has been taking a beating in recent days. The price of ADA has dropped to a low of $0.1868 before rebounding slightly to $0.2031. The coin has been on a downward spiral since reaching highs of $0.2951 on February 2, 2018. Cardano was also the first coin in the top 10 for the majority of 2018, where it was ranked as high as third. That is a sharp turn for a coin that was worth just a couple of dollars less than a year ago.
Summary of the situation
- Tonight, ADA retested resistance at $1.3.
- Cardano began to decline today.
- The next target is $1.15.
The price analysis for Cardano is bearish for the next 24 hours, as the market is currently trying to break through the previous low. Thus, we can expect a further decline to the support of $1.15.
Heatmap for crypto-currencies. Source: Coin360
The general market has been trading in the red for the past 24 hours as bears have taken over. Bitcoin is down 1.81% and Ethereum is down 1.85%.
Cardaardanono price development in the last 24 hours Cardano becomes $1.30
ADA/USD was trading in a range of $1.22 to $1.29, indicating significant volatility. The trading volume increased slightly to $1.65 billion and the total market capitalization is about $39 billion, putting the cryptocurrency in 5th place overall.
4-hour chart ADA/USD: ADA ready to hit $1.15 next time?
On the 4-hour chart, we see that Cardano’s price is starting to approach the previous low around $1.20, while the bears are preparing to push the market towards $1.15.
4-hour chart ADA/USD Source: TradingView
The overall pattern of Cardano price action has been bearish again in recent weeks, after briefly testing the $1.5 level in early June and establishing a clear intermediate low. This was the result of stronger downward pressure in early June, after which the $1 level was retested as a key support level.
Therefore, the current bearish momentum is likely to move towards the $1 level in the coming days. But first, there is a bit of support around $1.15. With ADA/USD making an important low earlier in the week and moving to $1.2 after some consolidation, we can expect further losses for the rest of the week.
The price of Cardano rose yesterday and again tested the $0.130 resistance level that previously served as support. Overnight, the bulls failed to rise and a clear higher low was formed. This change in ADA/USD price dynamics is expected to result in a further decline towards the $1.15 level over the next 24 hours.
Gimbal price analysis: Supplement
The price analysis for Cardano is bearish for the rest of the week, as a major low was reached last night and the market pulled back to the previous low. Therefore, we expect the ADA/USD pair to head towards the $1.15 support in the next 24 hours.
While we wait for Cardano to hit the $1.15 mark, check out our guides on the benefits of DeFi, bitcoin commissions, and what to buy with bitcoins.
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