- ADA price presents a picture today, following the latest massive increase.
- Overnight price actions had ADA/USD breaking past the resistance of $1.40.
- Cardano attained a new high at $1.50.
Cardano (ADA) displays bearishness today as analysts expect a correction. That is after the massive upswing within the past 24 hours. ADA/USD touched the $1.50 resistance and may plunge before testing more upsurges.
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The crypto space has recorded impressive gains within the last day. The leading currency, BTC, surged about 5.68%, while Ethereum gained 3.72%. That triggered uptrends across the altcoin market. Cardano led the large-cap assets with a 7.65% surge.
ADA in the Past 24hrs – Consolidation beyond $130 before Spike to $150.
ADA/USD had its price movements in the $1.34 – 41.49 range, showing massive volatility within the past 24 hours. Moreover, trading volume saw a 22.19% increase, topping 1.98 billion. Also, Cardano ranked 6 in crypto-list with its total market capitalization of $48.53.
ADA/USD 4Hr Chart – Upcoming Retracement?
According to the 4hr chart, the bearish pressure seems to emerge within the past hours, and ADA might see retracements. Cardano has had consolidative moves in a constricted range within the past few weeks. The crypto secured support near $1.20 on December 4 and retested the levels several times in December.
Meanwhile, Cardano formed the final lower high near $1.30 on December 19. After that, the altcoin recorded massive upswings, starting with the $1.37 peak. Yesterday it continued bullish push, and ADA surged past the following resistance at $1.40. Overnight price movements had ADA/USD beneath $1.50 before selling momentum emerged.
For now, ADA appears in a retracement mood, trading at $1.47. Nevertheless, the upcoming near-term actions flash correction. After that, Cardano gain collects the momentum to rally high. Broad market sentiment might be vital, detecting ADA’s price actions.
The crypto industry displays a bullish narrative at the moment. That came after Bitcoin rose past the $50,000 level. Maintaining the upside movements will support the alt market. That way, Cardano will embark on its upside journey soon.
Cardano highlights bullish moves, and we expect corrections to follow in the upcoming hours as ADA bulls appear exhausted. For now, the alternative coin might retest the previous $1.40 resistance as its support.