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Cardano Price Analysis: ADA slowly sets another higher low, second retest of $1.40 high later today?

Cardano Price analysis

TL;DR Breakdown

  • ADA retraced yesterday.
  • Consolidation seen overnight.
  • Market prepares to retest previous high.

Cardano price analysis indicates bullish momentum to follow over the next 24 hours as a slightly higher low was established overnight. Therefore, we expect ADA/USD to reach the $1.40 current swing high again and likely reverse in a much more substantial way later this week.

Cardano Price Analysis: ADA slowly sets another higher low, second retest of $1.40 high later today? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with a slight bullish momentum over the last 24 hours. Bitcoin is up by 3.4 percent, while Ethereum has lost 0.6 percent. Meanwhile, Ripple (XRP) is among the best performers, with a gain of 11.6 percent.

Cardano price movement in the last 24 hours: Cardano sets another local higher low

ADA/USD traded in a range of $1.24 – $1.32, indicating mild volatility over the last 24 hours. Trading volume has decreased by 12.52 percent and totals $2 billion, while the total market capitalization trades at $41.22 billion, ranking the cryptocurrency in 5th place overall.

ADA/USD 4-hour chart: ADA aims to retest $1.40?

On the 4-hour chart, we can see the Cardano price building up momentum over the last 24 hours as bulls want to test the $1.40 mark once again.

Cardano Price Analysis: ADA sets another higher low, second retest of $1.40 high later today?
ADA/USD 4-hour chart. Source: TradingView

Cardano price action has started to trade with a strong bullish momentum over the past days. After rapidly retracing last week, ADA/USD eventually found support around the $1.02 mark and rapidly reversed from there.

What followed was a rally of over 35 percent to the $1.40 resistance, where sharp rejection for further upside was seen on Monday. From there, ADA/USD started to retrace yesterday and set another slightly higher low around $1.22.

Overnight, Cardano price started to build momentum for further upside, with the $1.30 mark providing some resistance. This price action development should lead ADA/USD towards further upside over the next 24 hours and towards the $1.45 mark next.

Cardano Price Analysis: Conclusion 

Cardano price analysis indicates bullish momentum to follow over the next 24 hours as another slightly higher low was set overnight, and bulls are starting to push ADA higher. Therefore, we expect ADA/USD to reach $1.40 previous resistance later this week. 

While waiting for Cardano to reach $1.40, read our guides on Bitcoin fees, what can you buy with Bitcoin, as well as DeFi advantages.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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