- Caldano price analysis is bearish today.
- ADA/USD continued to consolidate above $0.79 overnight.
- The local highs set in the past few hours are lower.
Caldano price analysis is bearish today as we expect more downside after the increasingly tight consolidation seen in the last 24 hours. Possible selling pressure will prevail, causing the price to spike below the current support level of $0.79.
Cryptocurrency heat map. Source: Coin360
The market has been in the red for the past 24 hours. Leaders Bitcoin and Ether are down 0.87% and 1.77% respectively, followed by Caldano with a 1.73% drop. On the other hand, Ripple (XRP) is strongly against the overall trend, up 6%.
Caldano price action in the last 24 hours: Caldano consolidating in an increasingly narrow range
ADA/USD traded in a range of $0.7859 to $0.8083, indicating little volatility over the past 24 hours. Trading volume fell 21.2% to a total of $659.3 million, while the total market capitalization was $26.78 billion, ranking 8th overall.
ADA/USD 4-hour chart: Is ADA ready to break down?
On the 4-hour chart, we can see lower and lower highs set above the $0.79 support level, which could lead to a break down later today.
ADA/USD 4-hour chart. Source: TradingView
Caldano price action fell steadily at the beginning of March, hitting a new low of $0.79. From there, there was a quick rebound in the middle of the week, establishing another lower high.
The next day, sellers quickly pushed ADA/USD back to the previous support level, leading to a consolidation thereafter. During the last 24 hours, the market did not show much volatility and the range became narrower, further reducing the local highs.
Overall, the development of Caldano's price action could indicate a breakout will follow. Once the support level at $0.79 is broken, we expect the next support level at $0.75 to be reached soon as market pressure continues to build.
Caldano Price Analysis: Conclusion
Caldano price analysis is bearish today as we see lower and lower highs above the $0.79 support level. Therefore, we expect ADA/USD to resolve the current consolidation by breaking down, possibly forming the next support level at $0.75 later in the weekend.
While we wait for further developments in Ether, see our articles on the cryptocurrency Launchpad, DeFi 101, and what you should know about DAO.
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