Cardano Price Analysis: ADA retests $2.20 before facing downward pressure

TL;DR Breakdown

• Cardano price analysis is bullish today.
• ADA/USD moved to test the $2.10 support again.
• Cardano is likely heading higher next.

Throughout the day, Bitcoin Cash fluctuated roughly between $2.10 and $2.15, suggesting little trading activity in the previous 24 hours. Trading volume has increased by 10.32 percent, reaching $2.25 billion, putting the market capitalization at around $70 billion, placing it in the fourth position among all cryptocurrencies.

ADA/USD 4-hour chart: ADA to move higher again?

On the 4-hour chart, Cardano‘s price appears to be finding support at $2.10, suggesting that there may be more gains later today.

ADA/USD 4-hour chart. Source: TradingView

Cardano price action has been trading sideways for several weeks, with the $2.10 level serving as support on numerous occasions. The ADA/USD consolidation that began in late September is due to a powerful surge at the end of the month.

ADA peaked at $2.46 and subsequently reversed to $2.03 as retracement support. After this, lower highs and higher lows were established, with the $2.30 price region serving as resistance and the $2.-1.10 range as support.

On November 22, Cardano’s price topped at $2.30 after it rose by more than 50 percent in less than a week. However, over the weekend, ADA/USD returned to its main support level of $2.10, suggesting that we may see further consolidation.

Cardano Price Analysis: Conclusion 

The Cardano price is in an excellent place right now, with the $2.10 support proving to be a barrier to further decline. As a result, we anticipate ADA/USD to rise even more and challenge the $2.30 resistance.

While waiting for Cardano to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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.