Cardano Price Analysis: ADA tests $2.0 but resumes downtrend to $1.98

TL;DR Breakdown

• Cardano price analysis is bullish today.
• ADA/USD established a higher low around $1.95 yesterday.
• Closest resistance at $2.10.

Today, the Cardano price analysis is optimistic as we anticipate more upside following a higher low established yesterday. As a result, ADA/USD will most likely continue to rise and surpass the $2 mark.

Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the green over the last 24 hours. Bitcoin gained 1.19percent, while Ethereum 1.43 percent. Meanwhile, Binance Coin is the top performer, with a gain of more than 10 percent.

Cardano price movement in the last 24 hours: Cardano established a higher low at $1.95, returns above $2

ADA/USD is trading in a range of $1.98-$2.005, indicating modest volatility over the previous 24 hours. The amount of trades has decreased by 20.85 percent and stands at $2.27 billion now. Meanwhile, the overall market cap is valued at approximately $66.7 billion, putting it in the sixth position.

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

On the 4-hour chart, we may observe a slow rise in the Cardano price, which is expected to lead to a push towards $2.10 resistance over the next 24 hours.

ADA/USD 4-hour chart. Source: TradingView

Throughout October, Cardano’s price action stayed above $2.10 support. For the most part of October, a series of lower highs was established, suggesting a stronger bearish pressure building up in a tighter range.

On the 28th of October, a very sharp sell-off took place, pushing ADA/USD to a high of $1.80. A quick rebound above $2 ensued, with the following test of downside establishing a new low at $1.90.

On November 3rd, the Cardano price rose to $2.10, following a spike up to $2.10 and previous support turned resistance. The price fell back toward the downside and set another higher low, which may be followed by another test of upside later this weekend.

Cardano Price Analysis: Conclusion 

The Cardano price is currently seeing a lot of buying interest and good volume, and the market has already surpassed the $1.90 handle for an extended duration. As a result, we believe that ADA/USD will rise higher today and reach the $2.10 level soon after.

While waiting for Cardano to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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.