- ADA peaks below $2.5 yesterday.
- Support around $2 retested several times.
- Next major target at $3.
Today’s Cardano price prediction is bullish as the market has retraced towards the $2 mark and retests it as a support. Therefore, a new higher low has been set, and we can expect ADA/USD to continue rallying later this week.
The overall market trades in the red today. Bitcoin and Ethereum have already lost almost 10 percent. Cardano and Binance Coin have lost even more as they are among the worst performers. Meanwhile, Ripple continues to hold its place with a small loss of 1.6 percent.
ADA/USD opened at $2.30 after a spike higher yesterday resulted in a new all-time high set at $2.47. Overnight the Cardano price retraced to the $2 mark and retested twice more. The current retest still trades close to the $2 mark, meaning that it is still too early to tell where the market will head next.
Cardano price movement in the last 24 hours
The ADA/USD price moved in a range of $2.01 – $2.33, indicating a substantial amount of volatility. Trading volume has remained flat over the last 24 hours and stands at $12.5 billion. Meanwhile, the total market cap trades around $64.7 billion, ranking the cryptocurrency in 4th place overall.
ADA/USD 4-hour chart – ADA
On the 4-hour chart, we can see testing the $2 for the third time over the last 24 hours.
The overall market continues pushing higher over the past weeks after a new major swing low was set around $0.90-$1 area at the end of April. Since then, the Cardano price has rallied by more than 150 percent to the new all-time high just below the $2.5 mark.
This rally can be divided into three separate waves. First, one being from the $1 support to $1.40 resistance, after which a several-day consolidation was seen at the end of April.
After a clear higher low was set at $1.25, the market rallied 45 percent higher to the $1.80 mark. There Cardano moved sideways for several days once again with a retest of $1.80 resistance and $1.50 support. On the 13th of May, ADA/USD broke higher and gained another 60 percent of the current all-time high of $2.47.
Since then, Cardano has retraced to the $2 mark. Support there has already been retested, and currently, the market trades close to it for the third time. If ADA breaks below it, we can expect a quick spike lower to the $1.80 mark. Alternatively, if the $2 mark holds, ADA/USD should see new all-time highs by the end of this week.
Cardano Price Prediction: Conclusion
Cardano price prediction is bullish as the market has retraced to the $2 mark overnight and set another base from which to push lower later this week. Therefore, unless the $2 support is broken, we expect further all-time highs to be set.
While waiting for the Cardano price to move higher, read our guides on how to Invest in Bitcoin and how many Bitcoin are left to mine. To learn more about another great altcoin, see our article on how to buy Ripple.
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.