Cardano Price Analysis: Is ADA testing its previous high of $1.38 this week, indicating a sluggish reversal?

Yesterday, ADA reached a new peak. Around $1.38, more upside was blocked overnight. The ADA/USD is expected to drop much lower.

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Cardano price research indicates that bearish momentum will continue over the next 24 hours, as a slightly lower high was established overnight around the $1.38 mark, and the market has begun to go lower once more.

As a result, we predict ADA/USD to continue to fall today, attempting to reach new lows.

Over the previous 24 hours, the cryptocurrency market has been trading with a bearish momentum, as bears have taken control of the market momentum.

Ethereum has dropped 0.56 percent, while Bitcoin has lost 2.29 percent. With a gain of 1.5 percent, Cardano (ADA) is one among the strongest performers.

In the previous 24 hours, the price of Cardano has risen: Cardano goes for a retest of the previous high.

Over the last 24 hours, ADA/USD has traded in a range of $1.28 to $1.34, exhibiting minor volatility.

The entire trading volume has climbed by 52% to $2.09 billion.

The total market capitalization of cryptocurrency is roughly $42.7 billion, putting it in fifth place globally.

4-hour chart of the ADA/USD currency pair: Is the ADA on the verge of collapsing once more?

On the 4-hour chart, the Cardano price is starting to fall again, indicating that a lower low will be set later today.

After a somewhat higher swing bottom was hit around the $1.02 mark, Cardano price movement has traded with a strong bullish momentum in recent weeks.

The ADA/USD pair began to climb from there, reaching a high above $1.40 barrier.

ADA retraced and consolidated for several days after that.

Any potential upside was put to the test over the weekend as the stock failed to break through the $1.40 barrier.

The next retracement tested the previous low at $1.26, with a slightly lower high around $1.38.

Bulls collected momentum for another jump higher yesterday, but failed to hit a new high.

As a result, we may conclude that the Cardano price action momentum has shifted back to negative, and that further drop is on the way later this week.

Conclusion of the Cardano Price Analysis

Cardano price analysis for the next several days is bearish, as a slightly lower high was achieved overnight, and the market price reversed from there.

As a result, we predict ADA/USD to break through the current low of $1.26 and continue to fall later this week.

While you wait for Cardano to drop, check out our articles on Satoshi Nakamoto, DeFi benefits, and Bitcoin fees.

The information provided is not intended to be used as trading advice.

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