- ADA retraced from $2.25 yesterday.
- Cardano price found support above the $2 mark.
- ADA/USD is likely to make another attempt to move past the $2.25 resistance.
Cardano price analysis is bullish for today as bulls started to slowly push the market price higher again after a retracement early yesterday. ADA/USD should break above the $2.25 mark unless strong rejection for further upside is seen later today.
The cryptocurrency market trades in the green over the last 24 hours. Bitcoin is up by 3 percent, while Ethereum is up by 3.7 percent. Solana (SOL) is the best performer, with a gain of over 38 percent.
Cardano price movement in the last 24 hours: Cardano prepares for further upside
ADA/USD traded in a range of $2.07 – $2.20, indicating a good amount of volatility over the last 24 hours. Trading volume has decreased by 29.85 percent and totals $5.34 billion, while the total market capitalization trades around $69.8 billion, ranking the cryptocurrency in 4th place overall.
ADA/USD 4-hour chart: ready to spike higher again?
On the 4-hour chart, we can see the Cardano price slowly approaching the $2.25 previous resistance as bulls prepare for another spike higher.
Cardano price action has seen several weeks of strong bullish momentum. Since the last swing low around $1.02, ADA/USD has gained more than 120 percent to the current high of $2.25.
Additionally, the previous significant resistance level around $1.90 was broken without hesitation, indicating that the overall market structure has turned bullish again. Therefore we should expect further upside this week.
However, yesterday we saw a slight retracement after a touch and retest of the $2.25 mark. Support was eventually found above the $2 mark, and the Cardano price started to rally from there. ADA/USD is set to continue moving higher later today and finally breach the $2.25 mark, with the next resistance target around $2.40.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish today as a new higher low was set yesterday, and bulls slowly push the market price higher. Therefore, we expect ADA/USD to breach the $2.25 resistance and move to the $2.4 mark next.
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