- Cardano price analysis is bullish today.
- ADA/USD continued to form consolidation overnight.
- ADA is likely to spike higher today.
Cardano price analysis is bullish today as a consolidation base has been formed over the past 24 hours, indicating an upcoming reversal. Therefore, we expect ADA/USD to push higher over the next 24 hours.
The overall market traded in the green over the last 24 hours. The market leader, Bitcoin, is up by 2.77 percent, while Ethereum has gained 2.29 percent. Meanwhile, VeChain (VET) is among the best performers, with a gain of 15 percent.
Cardano price movement in the last 24 hours: Cardano consolidates around $2.10
ADA/USD traded in a range of $2.06 – $2.13, indicating mild volatility over the last 24 hours. Trading volume has declined by 18 percent and totals $2.3 billion, while the total market cap trades around $68.12 billion, ranking the coin in 4th place overall.
ADA/USD 4-hour chart: ADA looks to break higher?
On the 4-hour chart, we can see bulls attempting to push the Cardano price action higher after consolidating sideways for the past 24 hours.
Overall, the Cardano price action has continued to trade in a bearish momentum over the past weeks. After a strong drop to $1.90 was seen on the 21st of September, ADA/USD saw a strong advance last week.
Cardano reached the $2.46 mark and established a new lower swing high. However, bears took over the market momentum again this week, resulting in another decline lower.
This time, the $2 mark provided support, with Cardano consolidating for the past days above it, indicating a reversal. We expect Cardano price action to see reversal over the next 24 hours as bears are finally exhausted.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish today as a new higher low has been set over the last 24 hours, with bulls currently testing upside. Therefore, we expect ADA/USD to push higher later today and return above the $2.25 closest resistance.
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