Cardano price prediction: Cardano consolidates below $1.95, prepares to push higher?
TL;DR Breakdown Cardano moves sideways over the last 24 hours. ADA finds support at $1.80. Closest resistance at the $1.955 mark. Today’s Cardano price prediction is bullish as the market has established a base from which to move higher...
TL;DR Breakdown
- Cardano moves sideways over the last 24 hours.
- ADA finds support at $1.80.
- Closest resistance at the $1.955 mark.
Today’s Cardano price prediction is bullish as the market has established a base from which to move higher over the weekend after retesting the $1.80 previous resistance as support.
The overall market trades in the green today after the market rallied over the last hours. Bitcoin is up by more than 5 percent, while Ethereum trades with almost 14 percent gain/ Dogecoin and Polkadot are among the best performers with gains of 55 and 18 percent, respectively.
Cardano price prediction: Cardano consolidates below $1.95, prepares to push higher?
ADA/USD opened at $1.928 after a strong rally to the $1.955 mark yesterday. Earlier today, Cardano price retraced to retest the previous resistance of $1.80 as support. Therefore, we expect ADA/USD to move higher over the next 24 hours.
Cardano price movement in the last 24 hours
The ADA/USD price moved in a range of $1.82 – $1.97, indicating a moderate amount of volatility. 24 hour trading volume has trades around $7.84 billion, with a decrease of over 42 percent. The total market cap stands at $60.6 billion, ranking the cryptocurrency in 5th place overall.
ADA/USD 4-hour chart – ADA retests both the $1.80 support and $1.95 resistance
On the 4-hour chart, we can see Cardano retesting the $1.80 resistance over the last hours as the market prepares to move higher over the weekend.
Overall, Cardano has continued to move higher over the past weeks after a major swing low was established around the $1 mark. From there, ADA/USD moved higher over the following days and reached the $1.40 mark, indicating that ADA is looking to move higher.
From there, the Cardano price action set a strong higher low around the $1.25 mark, from which another rally of over 40 percent was seen at the beginning of May. Resistance was found and retested at the $1.80 mark. After ADA/USD reached the resistance, it started moving sideways for several days, with the $1.50-$1.55 support retested twice and the $1.80 mark still holding Cardano from further upside.
However, ADA/USD did spike above the $1.80 mark on the 13th of May and quickly reached the next resistance at $1.95. There, another small consolidation was set, with Cardano retesting the previous major resistance of $1.80 as support. Therefore, we expect ADA/USD to move higher over the weekend as bulls look to finally reach the $2 mark.
Cardano Price Prediction: Conclusion
Cardano price prediction is bullish as the market has established a base to move higher over the weekend. Over the last hours, ADA/USD moved higher after retesting the $1.80 support. Therefore, we expect another higher high set soon.
While waiting for further Cardano price action, read our guides on other popular altcoins – Monero and Ethereum Classic. Further, see our step-by-step guide on investing in cryptocurrencies in 2021.
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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