Cardano Price Analysis: ADA swiftly spikes above $1.40 overnight, targets $1.50 next?
TL;DR Breakdown ADA consolidated below $1.40 resistance yesterday. Bulls pushed Cardano above $1.40 overnight. ADA/USD targets the $1.50 mark next. Cardano price analysis is bullish for today as previous resistance at $1.40 was broken overnight and the market has...
TL;DR Breakdown
- ADA consolidated below $1.40 resistance yesterday.
- Bulls pushed Cardano above $1.40 overnight.
- ADA/USD targets the $1.50 mark next.
Cardano price analysis is bullish for today as previous resistance at $1.40 was broken overnight and the market has continued to rally since then. Therefore, we expect ADA/USD to move towards the next resistance at $1.50 later today.
The cryptocurrency market trades with a strong gain over the last 24 hours. The market leader, Bitcoin, is up by 7.27 percent, while Ethereum is up by 8.54 percent. VeChain (VET) is among the best performers, with a gain of more than 19 percent.
Cardano price movement in the last 24 hours: Cardano breaks past $1.40 resistance
ADA/USD traded in a range of $1.36 – $1.45, indicating strong volatility over the last 24 hours. Trading volume has increased by 25.8 percent, totaling $2.16 billion. Meanwhile, the total market capitalization trades around $46.3 billion, resulting in a market rank of 5th place.
ADA/USD 4-hour chart: ADA targets $1.50 next?
On the 4-hour chart, we can see the Cardano price continuing to push higher with the $1.50 resistance as the next target.
Cardano price action continues to rally after a slowdown earlier this week. Since the last swing low around $1.02, which was set on the 20th of July, ADA/USD has gained more than 40 percent to the current high of $1.45.
Yesterday, Cardano consolidated below the $1.40 resistance, indicating that the market was in indecision. However, since bulls pushed ADA/USD past the $1.40 resistance overnight, we can expect further upside later today.
Overall, this price action development indicates that we should see the Cardano price reach the $1.50 resistance next. From there, ADA will likely retrace and set another higher low.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish for the next 24 hours as bulls continued to push ADA higher after a break above the $.140 resistance. Therefore, we expect further upside to follow over the weekend.
While waiting for Cardano to move further, read our articles on investing in PayPal Bitcoin, Bitcoin trusts, as well as Dogecoin as a good investment.
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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