- ADA spiked to $.1.70.
- Support found at $1.34 overnight.
- Next price target at $2
Today’s Cardano price prediction is bullish as the market spiked higher over the past hours and moved to $1.70 after establishing a higher swing low at $1.34 overnight. Therefore, we expect ADA/USD to move higher over the next few days and break to the $2 mark.
ADA/USD opened at $1.40 after a slight bearish close yesterday. From there, bulls took over the momentum and started pushing the Cardano price higher, with the next resistance seen at the $1.80 mark. If ADA/USD breaks higher, we expect the market to reach new all-time highs next month.
Cardano price movement in the last 24 hours
The ADA/USD price moved in a range of $1.34 – $1.69, indicating a good amount of volatility. The total trading volume has increased by 42.7 percent and totals $5.5 billion. Meanwhile, the market cap trades around $51.4 billion, ranking cryptocurrency in 4th place overall.
ADA/USD 4-hour chart – ADA spikes higher
On the 4-hour chart, we can see the market moving away from the $1.34 support tested overnight, indicating that a higher swing high has been set.
The overall market starts to trade with an increasingly more bullish price action structure over the past few days. After retracing from the $2.45 high, ADA/USD lost 60 percent until support was found at the $1 mark.
After a sharp move higher below $2, ADA/USD retraced and set a higher low at $1.10. From there, another slightly lower high was set at the $1.80 resistance, indicating that the market is ready to reverse over the following weeks.
At the end of this week, the Cardano price action retraced and established support at the $1.34 mark, meaning that a new higher low is set. ADA/USD moved higher and currently attempts to break the previous swing high at the $1.80 mark.
If Cardano can break above the $1.80 mark, we should see bullish momentum take over and start pushing the market price towards new all-time highs above the $2.45 mark.
Cardano Price Prediction: Conclusion
Cardano price prediction is bullish as a new higher swing low was set overnight around $1.34. Therefore, we expect ADA/USD to continue moving higher over the next 24 hours and break above the $1.80 resistance next week.
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.