- Cardano price analysis is bullish today.
- ADA/USD consolidates above $2.14.
- ADA previously set higher local high.
Cardano price analysis is bullish today as a slightly higher low has been established around $2.14 after a higher high at $2.30 was set earlier this week. Therefore, we expect ADA/USD to reach further upside over the next 24 hours.
The overall market traded with mixed results over the last 24 hours. Market leader, Bitcoin, lost 0.71 percent, while the top altcoin, Ethereum, gained 1.64 percent. Meanwhile, Shiba Inu (SHIB) is the top performer today, with a gain of 36 percent.
Cardano price movement in the last 24 hours: Cardano consolidates above $2.14
ADA/USD traded in a range of $2.13 – $2.17, indicating low volatility over the last 24 hours. Trading volume has declined by 22.37 percent and totals $2.04 billion, while the total market cap trades around $70.4 billion, ranking the coin in 4th place overall.
ADA/USD 4-hour chart: ADA looks to set higher low?
On the 4-hour chart, we can see Cardano not able to reach further downside, likely meaning that a higher low has been set.
Cardano price action has traded sideways over the past weeks. After a strong decline in September, a new major swing low was established at $1.90 on the 21st of September.
The following reaction set a swing low at $2.46. Since then, both lower highs and higher lows have been seen, indicating that the market is trading in an increasingly tighter range.
Currently, the support area can be seen at around $2.10, while resistance is strong at around $2.30. Earlier this week, a higher high was set above $2.25 previous local high, indicating that the Cardano price action might be preparing to finally break higher. However, until the $2.30 resistance area is not broken, we likely will see further consolidation next week.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish today as a slightly higher low has been established above $2.14 after a clear consolidation over the last 24 hours. Therefore, we expect ADA/USD to reverse and look to break above $2.30 next week.
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