Cardano Price Analysis: ADA slowly continues to retrace, set to test $2 today?

TL;DR Breakdown Cardano price analysis is bearish today.ADA/USD continued to decline overnight.Closest support for ADA at $2. Cardano price analysis is bearish for today as the market continued to decline over the last 24 hours after some consolidation around $2.25 yesterday. Therefore, we expect ADA/USD to reach further downside over the next 24 hours and test the previous swing low next. Cryptocurrency heat map. Source: Coin360 The overall market traded bearish over the last 24 hours, with the market leaders, Bitcoin and Ethereum, down by 4.28 and 6.35 percent, respectively. Meanwhile, Cardano (ADA) is among the worst performers, with a loss of 5.72 percent. Cardano price movement in the last 24 hours: Cardano continued to decline ADA/USD traded in a range of $2.11 – $2.25, indicating mild volatility over the last 24 hours. Trading volume has declined by 27.88 percent and totals $2.78 billion, while the total market cap trades around $67.6 billion, ranking the coin in 4th place overall. ADA/USD 4-hour chart: ADA targets $2 next? On the 4-hour chart, we can see the Cardano price continuing to decline as bearish momentum has returned this morning. ADA/USD 4-hour chart. Source: TradingView The overall Cardano price action development has been bearish so far this month. After a new major swing high was set at $3.1 on the 2nd of September, a strong retracement followed, with a spike lower on the 7th of September. Suppo...