Cardano Price Analysis: ADA continues to trade above $1.20 resistance, targets $1.30 next?

TL;DR Breakdown

• ADA moved sideways overnight.
• $1.20 support still holds.
• ADA/USD targets $1.30 next.

Cardano price analysis is bullish for the next 24 hours as the market price continues moving towards further highs after consolidation above the $1.20 mark overnight. Therefore, we can expect ADA/USD to target the $1.30 next resistance early next week.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with mixed results over the last 24 hours. Bitcoin is up by 1,81 percent, while Ethereum by around 1.53 percent. Internet Computer(ICP) is among the best performers with a gain of more than 26 percent.

Cardano price movement in the last 24 hours: Cardano consolidates above $1.20

ADA/USD traded in a range of $1.20 – $1.25, indicating mild volatility over the last 24 hours. Trading volume has decreased by 19.44 percent and totals $984.8 billion. Meanwhile, the total market capitalization trades around 39.55 billion, ranking the cryptocurrency in 5th place overall.

ADA/USD 4-hour chart: ADA prepares to reach $1.30 next?

On the 4-hour chart, we can see the Cardano price moving sideways overnight in preparation for another push higher to the $0.130 mark later today.

ADA/USD 4-hour chart. Source: TradingView

Cardano price action continues to trade in a bearish market structure over the past weeks after a lower swing high was set around $1.50 on the 4th of July. From there, ADA/USD started trading lower and lost more than 30 percent to the $1.03 mark. 

ADA/USD quickly rallied from there and reached $1.20 minor support turned resistance level on Wednesday. What followed was a more than day-long consolidation and a retest of the $1.15 mark. From there, the Cardano price spiked higher again, this time reaching the $1.25 mark.

Overnight, Cardano consolidated again above the $1.20 resistance, indicating that bulls are gathering momentum for another push higher. Therefore, we can assume that ADA/USD will spike towards the $1.30 mark next.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish for the next 24 hours as traders have continued to respect the $1.20 support overnight. Therefore, we expect further upside to began later today as bulls target the $1.30 resistance next.

While waiting for Cardano to move higher, read our guides on Bitcoin fees, what can you buy with Bitcoin, as well as DeFi advantages.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.