Cardano Price Analysis: ADA spikes above $1.50 major resistance, targets $1.60 next?
2 min readTL;DR Breakdown
- ADA established a higher low, around $1.40, early yesterday.
- Cardano tested $1.50 resistance overnight.
- ADA/USD broke through $1.50 earlier today.
Cardano price analysis is bullish for today as previous major resistance was broken earlier today, and bulls still push the market higher with strong momentum. Therefore, we expect ADA/USD to reach the $1.60 resistance later today and retrace from there.
The cryptocurrency market trades with mixed results over the last 24 hours. Market leader, BTC is down by 1.15 percent, while ETH remains flat. Cardano (ADA) is among the best performers, with a gain of around 7 percent.
Cardano price movement in the last 24 hours: Cardano spikes through $1.50 resistance
ADA/USD traded in a range of $1.45 – $1.56, indicating strong volatility over the last 24 hours. Trading volume has increased by 12.27 percent and totals $2.15 billion. Meanwhile, the total market capitalization trades around $50 billion, ranking the cryptocurrency in 5th place overall.
ADA/USD 4-hour chart: ADA targets $1.60 next?
On the 4-hour chart, we can see the Cardano price continuing to rally to the $1.60 resistance, where a reversal could be seen later today.
Cardano price action has seen a substantial increase over the past weeks after a slightly higher swing low was set around $1.02 on the 20th of July. ADA/USD rallied more than 45 percent from the support until the last swing high of $1.50.
ADA rejected further upside initially, resulting in a retracement back to the $1.40 mark over the weekend. However, the market price quickly recovered and made another attempt to test the $1.50 mark yesterday.
After a brief failure to move higher overnight, Cardano price action finally spiked higher earlier today and rapidly advanced to the $1.60 resistance next. This price action development indicates that bulls are still in control, and we can expect further upside later this week. However, we will likely see a small retracement once the $1.60 is reached later today.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish for the next 24 hours as bulls continue pushing ADA higher after a clean break through the $1.50 resistance. Therefore, we expect ADA/USD to test the $1.60 mark later today and retrace to set another higher low later this week.
While waiting for Litecoin to move further, read our articles on BTC transaction fee, Physical BTC, as well as Proof of Stake vs Proof of Work.
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