Price analysis on Cardano shows bearish momentum upside was declined after a brief spike above $2.30 yesterday. ADA/USD retraces and sets a higher low next.
Bitcoin gained 2.03% while 2% of Ethereum was up. Meanwhile, with a loss of 30 percent Shiba Inu(SHIB) sharp reversal the worst performer today.
Cardano price in the last 24 hours
Over the last 24 hours, ADA/USD traded in a range of $2.25 – $2.33. Meanwhile, 21.23 percent of trading volume and totals of $2.6 billion with the total market cap trades around $73.4 billion, ranking the coin in 4th place overall.
ADA/USD 4-hour chart
According to Cardano’s price on the 4-hours chart retracing defeat to remain above the $2.30 resistance, indicating further downside.
At the end of September Cardano’s price action was in a bearish momentum with a higher low which was set bullish momentum building up.
On the 1st of October, ADA/USD set another lower high at $2.30. The action development price shows that the market is effectively trading in an increasingly tighter range.
In Conclusion for the next 24 hours price analysis of Cardano’s price was bearish upside was seen leading ADA to a slow retracement. ADA/USD will continue lower over the next 24 hours and look to set a higher low.
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