- Overall the crypto market is bearish today
- Cardano is struggling in the range of $1.37 and $1.32
- Short-term gains might take ADA higher
Today, our Cardano price analysis indicates a bearish momentum. The resistance has been increasing since the $1.43 high on the 7th of July 2021. This was followed by a bearish engulfing eventually leading to this week’s low of $1.28 on the 9th of July.
Currently, Cardano seems to be consolidating consistently in an ascending triangle that began at the end of June. At the start of July, ADA gained bullish momentum tried to push it higher. But the bulls got exhausted before Cardano could cross the $1.49 mark.
Since then, the price has dropped lower to $1.33 at 15:00 today.
From here, the price could increase if the bulls maintain a buying momentum because the resistance seems to be decreasing slightly as per Cardano price analysis.
Overall, the cryptocurrency market is trading in the reds in the last 24 hours. While ETH has lost 2.39 percent, BTC has gained around 0.96%. However, the rest of the market seems rather bearish.
Cardano price movement in the last 24 hours
In the last 24 hours, Cardano has traded in the range of $1.37 and $1.32, which indicates that that market is moderately volatile. With a total market cap of $42.92B and a trading volume of $1,447,044,194, it currently stands in the 5th rank.
ADA/USD is currently stabilizing at the support of $1.33. However, since the support is established at the bottom of an ascending triangle, a bull run might be incoming. According to Cardano price analysis, this could help Cardano retrace to yesterday’s high of 1.37 in the coming days.
ADA/USD 4-hour chart: Ready for retrace to $1.37?
In the short term, the Cardano market seems to be gearing for a short bullish bout. This could make short-term gains likely. However, if Cardano manages to reach the $1.46-mark, significant resistance is to be expected resulting in another bearish trend due to day traders being eager to sell off (as is apparent from the recent patterns).
Currently, bulls are trying to push the price above yesterday’s high of $1.37, at which there will likely be a small amount of resistance. However, if bulls manage to maintain the momentum, the ADA will overcome the resistance and rise further.
Overall, there is a moderate amount of volatility in the last 24-hours, after the bearish engulfing between the 7th and the 8th of July, as shown by our 4-hour Cardano price analysis.
At the same time, the RSI shows an increasing slope above the 40 levels. At this point, the market is not undersold anymore. This might suggest that the bulls are gearing up for a short bull, posing a good possibility of a short-term gain as per Cardano price analysis.
Cardano price analysis conclusion: Possibility of a short-term gain?
Currently, ADA/USD is struggling in the range of $1.37 and $1.32. However, the bulls are slowly trying to generate momentum. The RSI shows a rapid recovery from an oversold market yesterday, with the resistance set at around 41.
The slight increase in the RSI slope might be a good sign for a small increase in the price, making a short-term gain likely, while both the resistance and bullish momentum remain in a tug-of-war over a longer-term.