- Cardano price analysis is suggesting a bullish market
- ADA/USD continued to retrace over the last 24 hours.
- ADA found resistance at $2.60
Cardano is warming up for the final stage of the Alonzo Upgrade set to take place at 21:00 UTC on September 12th, 2021. In the hours leading to the smart contracts update, ADA/USD is trading bullishly and hence our positive Cardano price analysis. The coin is already up by 6 percent following a retracement yesterday that saw the coin breach the $2.6 resistance. We are therefore expecting Cardano to increase in price in the next 24-hours and attempt to break above the $3 mark.
The overall cryptocurrency market is trading in the green zone with the majority of the coins recording gains. Bitcoin went up by 0.16 percent, Ethereum increased by 0.8 percent while Binance Coin increased by 1.20 percent. Cardano emerged as the best performing altcoin of the day with a 6 percent improvement while Solana is the worst performing altcoin of the day.
Cardano price movement in the last 24 hours: Cardano retraced to $2.80
According to our daily Cardano price analysis, ADA/USD pair is trading within a range of $2.366 – $2.800, indicating a significant amount of volatility over the last 24 hours. Trading volume has increased by 51.05 percent and totals $9.68 billion, while the total market cap trades around $83.7 billion, ranking the coin 3rd place overall.
ADA/USD 4-hour chart: ADA ready to reverse?
On the 4-hour chart, we can see the Cardano price attempting to break above the Bollinger Band moving average at $2.610 but still faces high resistance and high chances of a reversal. However, we are still expecting a possible rally in the next few hours that could see the coin retest $2.800.
Cardano’s price action has been trading along with strong bullish momentum in the last 4-weeks. This was after the coin rallied by over 250 percent from the July swing low to the recent swing high at $3.10.
After breaching the previous high of $3, Cardano bulls felt exhausted and reversed from the $3.1 resistance. Over the last 24 hours, Cardano tested the $2.800 higher high after Friday’s downtrend where the coin tested the $2.30 support.
If Cardano manages to overcome the $2.6 resistance and spike to $2.8, there is a likelihood of retesting $2.9 and trending to the $3.1 resistance. And this could happen ahead of the Alonzo upgrade later today.
Cardano Price Analysis: Conclusion
Today’s Cardano price analysis is bullish after the market tested support at the $2.80 mark. Therefore, we expect a new higher low is set, and Cardano is ready to test further upside.
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