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Cardano Price Analysis: ADA spikes above $2.47 all-time high, set for a further increase?

Cardano Price analysis

TL;DR Breakdown

  • Cardano price analysis is bullish for today.
  • ADA/USD broke the previous all-time high at $2.47 this morning.
  • ADA is set for further increase today.

Cardano price analysis is bullish for today as the market saw a rapid increase in price overnight, and the previous all-time high at $2.47 was broken. Therefore, we expect ADA/USD to continue gaining ground and reach towards the $3 mark next.

Cardano Price Analysis: ADA spikes above $2.47 all-time high, set for a further increase? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with a strong bullish momentum over the past 24 hours, with the market leader, Bitcoin, gaining almost 6 percent. Meanwhile, Cardano is the best performer from the major altcoins, with a gain of 18.73 percent.

Cardano price movement in the last 24 hours: Cardano spikes above the $2.47 previous all-time high

ADA/USD traded in a range of $2.05 – $2.55, indicating strong volatility over the last 24 hours. Trading volume has increased by 90.93 percent and totals $9.74 billion, while the total market capitalization trades around $80.46 billion, ranking the coin in 3rd place overall.

ADA/USD 4-hour chart: ADA looks to move further?

On the 4-hour chart, we can see the Cardano price breaking past the previous all-time high of $2.47 and continuing higher today.

Cardano Price Analysis: ADA spikes above $2.47 all-time high, set for a further increase?
ADA/USD 4-hour chart. Source: TradingView

Cardano price action has seen a substantial increase over the past weeks. After a significant swing low was set around $1.02 on the 20th of July, ADA/USD rapidly advanced and broke past the previous swing highs at $1.50 and $1.60 earlier this month.

Further price increase followed from there, with ADA reaching a total gain of more than 120 percent to the previous swing high of $2.25. Around the resistance, bears took over the Cardano price action for several days as a strong retracement was seen to the $1.90 mark.

On the 18th of August, any further downside was rejected, and ADA/USD started to rally again. Over the past days, ADA rallied another 30 percent and finally broke past the previous all-time high of $2.47.

Overall, this Cardano price action development indicates a lot more bullish momentum to follow over the following days as the market continues moving towards new heights.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish today as a new all-time high was set after a strong rally overnight. Therefore, we expect ADA/USD to continue rallying later today and set further highs.

While waiting for Cardano to move further, read our articles on Bitcoin Futures, Decentralized Exchanges, as well as NFT Marketplace.

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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