- Cardano price analysis is bullish for today.
- ADA/USD continued to retrace yesterday.
- Cardano still holds above $2.46 support.
Cardano price analysis is bullish today as the market respected the $2.46 support over the last 24 hours after a strong decline yesterday. Therefore, we expect ADA/USD to regain some of the loss later today and prepare for another rally higher.
The cryptocurrency market traded with a slight bullish momentum over the last 24 hours. The market leader, Bitcoin, is up by 0.77 percent, while Ethereum is up by 0.53 percent. Solana (SOL) is the best performer, with a gain of more than 21 percent.
Cardano price movement in the last 24 hours: Cardano retraces to $2.46 previous all-time high resistance
ADA/USD traded in a range of $2.47 – $2.64, indicating low volatility over the last 24 hours. Trading volume has dropped by 12.16 percent and totals $6 billion, while the total market cap trades around $84 billion, ranking the coin in 3rd place overall.
ADA/USD 4-hour chart: ADA set to rally?
On the 4-hour chart, we can see the Cardano price establishing a base around $2.46 support, which should lead to another rally later today.
Overall, the Cardano price action has seen a substantial advance over the past month. After setting a new swing low around $1.02 on the 20th of July, ADA/USD rallied by more than 190 percent until resistance was found below the $3 mark.
From there, bulls lacked the momentum to push the market higher. This price action development resulted in a week-long retracement, with the $2.46 previous all-time high resistance now acting as a support.
Overnight, the Cardano price consolidated above this support, which should lead towards a reversal later today. Once Cardano starts moving higher, we can expect the $3 mark to finally break.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish for the next 24 hours as the market has established a support base above $2.46. From there, we expect ADA/USD to reverse and try to move back towards the $3 mark.
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