Cardano Price Analysis: ADA briefly moves above $3, set for a slow retracement today?

TL;DR Breakdown Cardano price analysis is bearish for today.ADA/USD could not remain above the $3 mark.Cardano starts to retrace again. Cardano price analysis indicates bearish momentum to follow today as the market dropped back below the $3 mark after a quick spike to $3.1 yesterday. Therefore, we expect ADA/USD to retrace further and look to set another higher low. Cryptocurrency heat map. Source: Coin360 The cryptocurrency market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 0.59 and 1.45 percent, respectively, while most of the major altcoins are in the red. Cardano price movement in the last 24 hours: Cardano retraces back below $3 ADA/USD traded in a range of $2.92 – $3.03, indicating a low amount of volatility over the last 24 hours. Trading volume has declined by 17.24 percent and totals $4.71 billion, while the total market capitalization trades around $93.66 billion, ranking the coin in 3rd place. ADA/USD 4-hour chart: ADA set to retrace today? On the 4-hour chart, the Cardano price can be seen retracing after a brief move above the $3 mark yesterday. ADA/USD 4-hour chart. Source: TradingView Cardano price action has seen a strong advance over the past weeks. After setting a new swing low at $1.02 on the 20th of July, ADA/USD rallied by almost 200 percent until resistance was found below $3. Below the $3 resistance, Cardano consolidated over the secon...