Cardano Price Analysis: ADA starts to rally again, prepares to break $2.25 next?
TL;DR Breakdown ADA retraced from $2.25 yesterday. Cardano price found support above the $2 mark. ADA/USD is likely to make another attempt to move past the $2.25 resistance. Cardano price analysis is bullish for today as bulls started to...
TL;DR Breakdown
- ADA retraced from $2.25 yesterday.
- Cardano price found support above the $2 mark.
- ADA/USD is likely to make another attempt to move past the $2.25 resistance.
Cardano price analysis is bullish for today as bulls started to slowly push the market price higher again after a retracement early yesterday. ADA/USD should break above the $2.25 mark unless strong rejection for further upside is seen later today.
The cryptocurrency market trades in the green over the last 24 hours. Bitcoin is up by 3 percent, while Ethereum is up by 3.7 percent. Solana (SOL) is the best performer, with a gain of over 38 percent.
Cardano price movement in the last 24 hours: Cardano prepares for further upside
ADA/USD traded in a range of $2.07 – $2.20, indicating a good amount of volatility over the last 24 hours. Trading volume has decreased by 29.85 percent and totals $5.34 billion, while the total market capitalization trades around $69.8 billion, ranking the cryptocurrency in 4th place overall.
ADA/USD 4-hour chart: ready to spike higher again?
On the 4-hour chart, we can see the Cardano price slowly approaching the $2.25 previous resistance as bulls prepare for another spike higher.
Cardano price action has seen several weeks of strong bullish momentum. Since the last swing low around $1.02, ADA/USD has gained more than 120 percent to the current high of $2.25.
Additionally, the previous significant resistance level around $1.90 was broken without hesitation, indicating that the overall market structure has turned bullish again. Therefore we should expect further upside this week.
However, yesterday we saw a slight retracement after a touch and retest of the $2.25 mark. Support was eventually found above the $2 mark, and the Cardano price started to rally from there. ADA/USD is set to continue moving higher later today and finally breach the $2.25 mark, with the next resistance target around $2.40.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish today as a new higher low was set yesterday, and bulls slowly push the market price higher. Therefore, we expect ADA/USD to breach the $2.25 resistance and move to the $2.4 mark next.
While waiting for Litecoin to move further, read our articles on Bitcoin Futures, Physical Bitcoin, as well as Proof of Stake vs Proof of Work.
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.
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