Cardano Price Analysis: ADA reverses above $2, set to swiftly move higher today?

TL;DR Breakdown

• Cardano price analysis is bullish today.
• ADA/USD declined to the $2 mark overnight.
• Bulls are pushing Cardano higher so far today.

Cardano price analysis is bullish today as a new higher low is likely set after a reversal above the $2 mark was seen overnight. Therefore, we expect ADA/USD to rally higher over the next 24 hours,

Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours, with Bitcoin gaining 1.29 percent. Meanwhile, Ethereum follows, with a gain of 0.83 percent, while Binance Coin (BNB) leads the way with more than 9 percent gain.

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

ADA/USD traded in a range of $2.02 – $2.14, indicating a moderate amount of volatility. Trading volume has increased by 18.34 percent and totals $3.28 billion, while the total market cap trades around $68.23 billion, ranking the coin in 4th place overall.

ADA/USD 4-hour chart: ADA starts to rally again

On the 4-hour chart, we can see Cardano price starting to push higher as bulls have regained momentum.

ADA/USD 4-hour chart. Source: TradingView

Overall, Cardano price action still trades within a bearish market structure. After the first spike lower on the 7th of September, the middle of the month was spent consolidating in an increasingly tighter range above $2.3.

What followed was another push lower on the 20th of September, during which a new low was set around $2. The subsequent week, ADA/USD saw a slow rally higher, with a new swing lower high set at $2.46.

From there, the Cardano price action reversed and started heading lower again late last week. This bearish momentum has continued so far this week until the $2 mark was reached, and a reaction to the upside was seen this morning.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish today as a new higher low has likely been set above the $2 mark after a mild decline was seen earlier this week. Therefore, we expect ADA/USD to push higher over the next 24 hours and look to regain some of the loss seen over the past days.

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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.