Cardano Price Analysis: ADA returns above $2 after a spike to $1.80

TL;DR Breakdown

• Cardano price analysis is bullish today.
• ADA/USD consolidates around $2.
• Closest resistance at $2.10.

Cardano price analysis is bullish today as we expect further recovery after some consolidation around the $2 mark. Therefore, ADA/USD will likely move to retest the $2.10 previous major support as a resistance next.

Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. Bitcoin gained 0.04 percent, while Ethereum was up by 4.42 percent. Meanwhile, Shiba Inu (SHIB) is the worst performer, with a loss of 9.25 percent.

Cardano price movement in the last 24 hours: Cardano rallies back above $2

ADA/USD traded in a range of $1.96 – $2.04, indicating mild volatility over the last 24 hours. Trading volume has decreased by 27.42 percent and totals $3.57 billion, while the total market cap trades around $66.65 billion, ranking the coin in 5th place overall.

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

On the 4-hour chart, we can see consolidation around $2 over the past hours as the Cardano price action likely prepares for further upside.

ADA/USD 4-hour chart. Source: TradingView

Cardano price action has seen bearish momentum return this week. After consolidating above $2.10 for the past weeks, we saw increasingly lower highs set for ADA/USD.

Eventually, this movement led to a break lower on the 27th of October. Cardano declined to $1.80 for a brief time before rejecting back towards the $2 mark. 

Currently, Cardano price action consolidates around the $2 mark as bulls likely prepare to move towards the $2.10 mark. Alternatively, we expect further consolidation over the next 24 hours.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish today as the market has seen some recovery after a strong selloff on Wednesday. Therefore, we expect ADA/USD to see further upside and move to retest the $2.10 mark as resistance next.

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.