Cardano (ADA/USD) Bearish in the Coming 24Hrs – Price Analysis

  • ADA price shows bearish favoritism today.
  • ADA/USD met resistance near $1.30.
  • Cardano is likely to test the $1.20 support next.

Cardano’s price highlights bearishness today as the $1.30 level remains a challenge for bulls. That way, ADA should resume declines for a massive retracement before the alt embarks on upside actions. Meanwhile, the altcoin found resistance around the $1.30 mark, venturing into plunges since then.

That had Cardano breaching vital support zones as it drops to retest the trading range’s bottom. Though the alt is yet to reclaim $1.20 a support, it seems ready to do that as this remains its last support level.

As Cardano’s roadmap seems to lack positive developments or news since launch, ADA/USD remains prone to further drops as tome moves without interest on the alt by crypto enthusiasts. The Relative Strength Index and MACD flash bearishness even after crossing upward. Meanwhile, the token’s current situation means the indicators have no substantial resistance.

For now, market sentiment shows no interest in Cardano at its current level. That comes as the altcoin plunged back beneath $1.30 once more after a brief stay beyond the $1.34 mark early today, its highest level since the past month.

With a lack of significant updates of shifts in market capitalization rankings, ADA might witness further drops before finding ground to shift the trend. Though altcoin will likely surge upward in the coming sessions, it would be a slow process and might not appear in the coming few weeks. Nevertheless, nothing remains a guarantee in the crypto world.

ADA/USD 4hr Chart – Selling Pressure Still Dominate

The four-hour chart shows selling momentum returning for ADA as the $1.30 mark prevented further upswings for the altcoin. Meanwhile, ADA saw bounce backs over this week, declining towards $1.08 lows last Monday. January 10 sessions witnessed a significant reversal after a massive rejection for more drops.

Meanwhile, the resistance of $1.30 has ADA in a bearish market, and the token awaits more drops as the level rejected Cardano again. The altcoin might dip towards lows of $1.20.

We have more cryptocurrency updates coming your way. Stay tuned.