Cardano Price Analysis: ADA/USD set to break past $1.75 soon

Cryptopolitan 5 months ago Report
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TL;DR Breakdown

  • Cardano price analysis is bullish today.
  • ADA/USD has spiked towards the $1.60 resistance again.
  • Higher high already set.

ADA/USD is looking bullish today, with higher highs already set. Looking forward, we can see some resistance at around $1.75, where it may be possible for ADA/USD to stall slightly before continuing its sustained rise; this matches up very nicely with Fibonacci retracement resistance and will likely act as strong resistance to any continuation of current trend given how well correlated it is with support levels at $1.50.

We can see that ADA/USD has now spiked towards the $1.60 price level again today, resulting in a breakout above the previous consolidation area, which had previously acted as significant resistance to any further rise in price.

Cardano price movement in the last 24 hours: Cardano sets lower low, quickly moves back towards previous highs

The volatility of Cardano is something to keep an eye on as price action accelerates; should ADA/USD break above $1.75 soon, we may see a continuation of the current uptrend with prices potentially reaching even higher levels.

Cardano price analysis is bullish today. ADA/USD has spiked towards the $1.67 resistance again. Higher high already set. The price of Cardano is presently in a positive trend as we’ve broken above the previous consolidation range. ADA/USD is expected to proceed even higher, with the next major barrier set at $1.75. can see that ADA/USD has now spiked towards the $1.60 price level again today, resulting in a breakout above the previous consolidation area, which had previously acted as significant resistance to any further rise in price.

Cardano price analysis is bullish today. ADA/USD has spiked towards the $1.60 resistance again. Higher high already set. The price of Cardano is presently in a positive trend as we’ve broken above the previous consolidation range.

ADA/USD 4-hour chart: ADA currently tests previous highs

On the 4-hour chart, we can see considerable bullish momentum in the last 24 hours, as previous highs are being broken.

 ADA/USD set to break past $1.75 soon 1ADA/USD 4-hour chart. Source: TradingView

Over the previous day, Cardano’s price has increased dramatically. In contrast to recent weeks’ trends, this week’s Cardano price rise was modest. ADA/USD plummeted below $1.415 last Monday, establishing a significant swing low.

Following that, the market stayed sideways for about a week. ADA recorded a clear lower low set overnight, around $1.52, after several upward rejections of further growth. The market rapidly reversed from there, resulting in a recent spike above the consolidation formed earlier today.

We may be seeing the start of a significant trend reversal since the Cardano price action has established a solid higher high in recent hours. The next resistance is at $1.75, and if it is breached, it will signal the resumption of strong bullish momentum.

Cardano Price Analysis: Conclusion 

The Cardano price is rising strongly after a strong spike above the previous highs in recent hours, suggesting that it’s becoming more favorable. As a result, we anticipate ADA/USD to rise even further later today, with the main objective at $1.75.

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.

Original Source: https://www.cryptopolitan.com/cardano-price-analysis-2021-12-03/

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