Cardano Price Analysis: ADA establishes a higher low and, over time, looks to return above $2

TL;DR Breakdown

• Cardano price analysis is bullish today.
• ADA/USD established a higher low around $1.95 yesterday.
• Closest resistance at $2.10.

The price of Cardano is trading higher this morning, as we anticipate more upside following a higher low established yesterday. As a result, ADA/USD will most likely continue to rise and surpass the $2 mark in the near future.

The overall market traded with bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, gained 4.89 and 3.89 percent. Meanwhile, XRPwas the top performer from the major altcoins, with a gain of over 9 percent.

Cardano price movement in the last 24 hours: Cardano established a higher low at $2.008, returns above $2

Over the last week, ADA/USD has traded in a range of $2.008 to $2.064, demonstrating little price movement during that time frame. Trading volume has dropped by 20.85 percent and is now at $2.27 billion. Meanwhile, the overall market cap is valued at around $66.7 billion, putting Cardano’s market share at around 6.45 percent.

ADA/USD established a higher low yesterday, trading below the $1.95 support level, which could suggest that ADA/BTC will follow suit and test the 0.000005 mark in the near future.

ADA/USD 4-hour chart: ADA to reach $2.10 next?

On the 4-hour chart, we can see Cardano’s price continuing to climb gradually, suggesting that it will soon reach $2.10 resistance.

In October, Cardano price action remained above the $2.10 support level for the most part. Lower highs were established, indicating that a bearish force was building up in an increasingly narrow range.

On the 28th of October, a powerful break lower was followed by a quick rebound to $2. On the 1st of November, ADA/USD made a strong comeback above $2 as traders were eager to cut losses and buy back in. A fast rebound from its low at $1.80 was enough for investors to take profit.

On November 3, Cardano’s price reached $2.10, a gain of almost 50%. The price turned resistance and made a new high, suggesting that it will attempt to break through later this weekend. ADA/USD established another higher low, which is likely to be followed by another test of upside later this weekend

Cardano Price Analysis: Conclusion 

The outlook for Cardano is very bright today, with a higher low having been established and momentum slowly regaining overnight. As a result, we expect ADA/USD to rise further today and break the $2.00 barrier in the near future.

While waiting for Cardano to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.