TL;DR Breakdown
- Cardano price analysis is bullish for today.
- ADA/USD continued to consolidate above the $2 mark overnight.
- ADA is set to target $2.4 next.
Cardano price analysis is bullish for today as a strong base from which to rally has been established above the $2 mark. Therefore, we expect ADA/USD to reverse again and continue to rally further along the overall trend.
The cryptocurrency market traded in the red over the last 24 hours. BTC is down by 1,79 percent, while ETH by 2.5 percent. Solana (SOL) is among the best performers, with a gain of almost 19 percent.
Cardano price movement in the last 24 hours: Cardano still holds above $2 support
ADA/USD traded in a range of $2.03 – $2.18, indicating mild volatility over the last 24 hours. Trading volume has decreased by 25.3 percent and totals $3.99 billion, while the total market capitalization trades around $67 billion, ranking the cryptocurrency in 4th place overall.
ADA/USD 4-hour chart: prepares for another rally?
On the 4-hour chart, we can see the Cardano price respecting the $2 support once again overnight, indicating that the market will continue to rally over the next 24 hours.
Cardano price has rallied by almost 120 percent over the past month after a major swing low was established above the $1 mark. The previous two swing highs at $1.50 and $1.90 were broken over the past weeks, indicating that the market structure has turned bullish again.
ADA/USD continue moving higher from there until the $2.25 mark was reached over the weekend. Cardano failed to see further highs on Sunday and started to retrace. The $2 mark offered support, and the market started to consolidate in an increasingly tighter range from there.
Overnight, the Cardano price attempted to move towards the $2 mark again with a steady momentum. Any further downside was prevented again, indicating that ADA/USD has likely set another higher low and that further upside will likely be seen later this week. The closest resistance to watch out for once ADA resumes to rally is located around the $2.4 mark.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish for the next 24 hours as a further downside was rejected once more overnight above the $2 mark. Therefore, ADA/USD has likely set another higher low, and further upside can be expected later this week, with the $2.4 mark as the next target.
While waiting for Litecoin to move further, read our articles on BTC Futures, Physical BTC, as well as Proof of Stake vs Proof of Work.
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