- 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.
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 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.
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