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Cardano Price Analysis: Cardano overcomes $1.65 resistance and sets a 2-month high at $1.790

Cardano price analysis

TL;DR Breakdown

  • Cardano price analysis is bullish today on the 24-hour chart
  • Total market cap for the cryptocurrency market sits at the $1.9 trillion mark.
  • As of this writing, the ADA/USD trading pair is trading at $1.7690. 

Cardano Price Analysis: General price overview

Cardano price analysis is bullish today on the 24-hour chart, following an upswing from the opening price of $1.6700 to a 2-month high above $1.7000. The ADA/USDT pair witnessed its all-time high back on May 16th at $2.50, a price point that coincided with the downward turning point for market leader BTC. 

May’s crypto bloodbath might have been inspired by tightening regulatory scrutiny in China and the resulting exit of Chinese miners. However, the market seems to be adjusting to the difficult environment and finding ways to negate bearish pressures that have been overwhelming the altcoin market for weeks. Cardano has gained at least 57 percent for the last three weeks. 

Overall, the cryptocurrency market continues to post record gains since July 19; the gains have grown more rapidly since early August, with total capitalization closing towards the $2 trillion mark. During press time, the total market capitalization for the cryptocurrency market sits at the $1.9 trillion mark—the highest it has hit since May. Nonetheless, the overall market cap is still approximately $700 billion from the May 11 all-time high of $2.5 trillion. 

Cardano price movement in the last 24 hours

The ADA/USDT pair kicked off the day at an opening price of $1.6700 and gradually rose to a daily high of $1.7956. This price movement is enough indication of the bull’s enthusiasm to overcome the $1.60 price hurdle, which has been posing a wall for buyers since May.

Furthermore, the daily range and the Bollinger bands are moderately expanded. A positive sign of average volatility. Trading volumes are at a record 148 percent from yesterday’s numbers which indicate increasing trading activity; the volumes already total to a whopping $4 billion. 

Additionally, the market capitalization for Cardano rose by 22 percent in the last 24 hours to $57 billion. According to Coinmarket Cap, Cardano is ranked at position five among the top 10 cryptos by market capitalization.

Cardano 4 hour price analysis

The 4-hour Cardano price analysis chart has a bearish weakness extending from the daily high at $1.79 towards $1.760. Cardano’s price has already broken below the middle Bollinger line and heading towards the lower band. 

Suggesting a negative sign in the short term. Meanwhile, the bands are expanding on the 1-hour chart, further indicating the possibility of increased trading activity. 

Meanwhile, the bulls are not likely to give and would rather attract more buyers around $1.70 to support the overall bullish thesis. Resistance has heightened at $1.79, preventing the bulls from crossing above $1.80. 

As of this writing, the ADA/USD trading pair is trading at $1.7690. 

Cardano price analysis
Source: TradingView

Cardano price analysis conclusion

As the cryptocurrency market adjusts in favor of the bulls, we can expect more from Cardano. Today’s Cardano price analysis is bullish and will remain as so in the next 24 hours. Sellers are finding it hard to overcome the increasing bullish pressures, and certainly, the scalability coin has high chances of hitting its all-time high once again in the coming days. 

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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