- Cardano price analysis is bullish for today.
- ADA/USD continued to retrace over the last 24 hours.
- ADA found support at $2.80.
Cardano price analysis is bullish for today as the market has retraced over the last 24 hours and set a higher low at $2.80. Therefore, we expect ADA/USD to rally today and attempt to move back above the $3 resistance.
The cryptocurrency market traded with mixed results over the last 24 hours. The market leader, Bitcoin, is down by 0.2 percent, while Ethereum is up by 0.17 percent. Meanwhile, Cardano (ADA) is among the worst performers, with a loss of 3.74 percent.
Cardano price movement in the last 24 hours: Cardano retraced to $2.80
ADA/USD traded in a range of $2.81 – $2.95, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 2.05 percent and totals $4.68 billion, while the total market cap trades around $91.7 billion, ranking the coin in 3rd place overall.
ADA/USD 4-hour chart: ADA ready to reverse?
On the 4-hour chart, we can see the Cardano price respecting the $2.80 support, likely leading to a reversal today.
The Cardano price action has traded with a strong bullish momentum over the last weeks. After finding support around the $1 mark on the 20th of July, ADA/USD rallied by more than 200 percent to the current high of $3.10.
After breaking past the previous high of $3, Cardano lacked the momentum to continue much higher, and a reversal from the $3.1 resistance followed. Over the last 24 hours, Cardano retraced to the $2.80 mark, where support was found.
Since then, ADA/USD has moved sideways as a new higher low gets established. Unless the Cardano price action breaks below the support, we expect a reversal to follow over the next 24 hours and Cardano to make another attempt to set further highs early next week.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish for today as the market has found support at the $2.80 mark after a retracement over the last 24 hours. Therefore, we expect a new higher low is set, and Cardano is ready to test further upside.
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