Cardano Price Analysis: ADA/USD bulls preparing high gains above $2.00 in bid to set fresh ATH

TL;DR Breakdown

• Cardano price analysis suggests a bullish bias in the next 24 hours 
• Cardano price has finally  broken free from the negative effect of last year’s high at $ 1.40
• As of this writing, Cardano is trading at $1.999

Cardano Price Analysis: General price overview

Cardano price analysis suggests a bullish bias in the next 24 hours as momentum for bulls has further strengthened after rallying 2.2 percent. Again, the coin rallied 25 percent up at the start of the week further solidifying a bullish thesis in the coin’s journey to a fresh all-time high. As such, we expect Cardano/USD to fall back to make another higher low later this day.

Bitcoin, which is the most valuable cryptocurrency in terms of market capitalization, shed 2.4 percent over the past 24 hours. Ethereum is also down by about 4.3 percent. Cardano is the best performing cryptocurrency in the last 24 hours following a record gain, while the entire market is performing with the red zone. 

Cardano price movement in the last 24 hours

The ADA/USD trade in a range of $1.8240 and $1.9999, indicating little amount of volatility over the last 24 hours. However, the daily high is an indication of a good trajectory as the coin attempts to break into the $2.00 region.  Trading volume has decreased to $5 billion after a 20.22 percent loss in the last  24 hrs.

On the other hand, the market capitalization witnessed a 10 percent gain and went up to $62 billion. Cardano(ADA) is still ranked by Coin Market Cap at number 5 among the top ten Cryptos by market capitalization. 

Cardano’s price has finally broken free from the negative effect of last year’s high at $ 1.40 with a 13.74% gain on August 10th and is now trading higher than it has in months. The trend should continue as long as Cardano stays above this past year’s low of $1.01 per ADA token

Cardano 4-hour price analysis

On the 4-hour Cardano price analysis chart, we see ADA’s price re-trending after a failure to move higher at yesterday’s close.

For the past couple of weeks, Cardano’s price has traded on a bullish trend. After it set a slightly higher low at $1.82, it started to rapidly advance until it reached the previous swing high of $1.95.

Cardano’s price has risen quickly in recent days, but this will likely be followed by a strong upward momentum that could steer the coin to a fresh all-time high in 2021.

In the past two days, Cardano has advanced very quickly. It will likely retrace over the next few days. The $1.90 high last seen before this advance should offer enough resistance to reverse prices and set for a strong retracement.

Therefore, we expect the ADA/USD pair to retrace some of its past gains and try to test the previous resistance at $1.60 for support. Once a higher low has been set, Cardano’s price should advance, looking to test next week’s high at $2. As of this writing, Cardano is trading at $1.9999

Cardano price analysis conclusion

Cardano’s price may fall in the following days, as bulls have lost their momentum after reaching $1.90 yesterday. The first support level is near $1.60. ADA investors waited a long time for Cardano to break the chains of its high from 2018. As long as it stabilizes, it will be positioned to hit a new all-time high in the coming weeks.