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Cardano Price Analysis: ADA/USD set to break the $2.365 resistance

Cardano price analysis

TL;DR Breakdown

  • Cardano price analysis is bullish today.
  • Cardano’s price is up today.
  • ADA/USD price has already regained 2% in less than 24 hours.

Cardano‘s price is up today, following a substantial decline over the previous 24 hours. As a result, we anticipate ADA/USD to recover some of its losses later today as bears grow exhausted.

Cardano price movement in the last 24 hours: Cardano spikes below $2.15 previous low

The ADA/USD price has already regained 2% in less than 24 hours, potentially showing early signs of a bullish reversal on the daily time frame, which would be confirmed if the bulls manage to push prices above $2.350. However, if the price moves above $2.370, we would have a stronger signal that a bullish reversal has already occurred.

Cardano’s price is up today, following a substantial decline over the previous 24 hours. As a result, we anticipate ADA/USD to recover some of its losses later today as bears grow exhausted.

We have had a significant drop in our Cardano price analysis, with ADA/USD falling from $2.368 on Tuesday to an intraday low of $2.333 yesterday before recovering slightly to its current level around $2.330, according to CoinMarketCap. But we expect the bulls to take over and push ADA/USD back towards $2.350 or even higher, potentially challenging $2.370 again in the process if they manage to clear resistance at $2.365 and head for a retest of highs above $2.400.

ADA/USD 4-hour chart: ADA set to reverse today?

On the 4-hour chart, we see that the Cardano price is reversing as bears are spent after a powerful drop.Cardano Price Analysis: ADA/USD set to break the $2.365 resistance 1ADA/USD 4-hour chart. Source: TradingView

The Cardano price has stayed stagnant in recent weeks. After establishing a higher low at $2, a lower high was found at $2.30 at the start of October, suggesting consolidation in an increasingly narrower range.

The second bottom occurred at $2.08, followed by a higher high and a lower low below $2.15 during the subsequent retracement. As a result, the ADA/USD’s future direction is still hazy.

We anticipate the Cardano price to recoup some of its losses in the next 24 hours. If a lower high is formed, we can expect bearish momentum to continue throughout this week.

Cardano Price Analysis: Conclusion 

The ADA/USD price is up today, following a strong decline over the previous 24 hours. As a result, we anticipate ADA/USD to recover some of its losses later today as bears grow exhausted.

On the 4-hour chart, we can see the Cardano price action starting to reverse as bears are exhausted after a substantial decline. We anticipate the Cardano price to recoup some of its losses in the next 24 hours. If a lower high is formed, we expect bearish momentum to continue throughout this week.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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