- Cardano price analysis is bullish today.
- ADA/USD moved to test the $2.10 support again.
- Cardano is likely heading higher next.
Throughout the day, Bitcoin Cash fluctuated roughly between $2.10 and $2.15, suggesting little trading activity in the previous 24 hours. Trading volume has increased by 10.32 percent, reaching $2.25 billion, putting the market capitalization at around $70 billion, placing it in the fourth position among all cryptocurrencies.
ADA/USD 4-hour chart: ADA to move higher again?
On the 4-hour chart, Cardano‘s price appears to be finding support at $2.10, suggesting that there may be more gains later today.
ADA/USD 4-hour chart. Source: TradingView
Cardano price action has been trading sideways for several weeks, with the $2.10 level serving as support on numerous occasions. The ADA/USD consolidation that began in late September is due to a powerful surge at the end of the month.
ADA peaked at $2.46 and subsequently reversed to $2.03 as retracement support. After this, lower highs and higher lows were established, with the $2.30 price region serving as resistance and the $2.-1.10 range as support.
On November 22, Cardano’s price topped at $2.30 after it rose by more than 50 percent in less than a week. However, over the weekend, ADA/USD returned to its main support level of $2.10, suggesting that we may see further consolidation.
Cardano Price Analysis: Conclusion
The Cardano price is in an excellent place right now, with the $2.10 support proving to be a barrier to further decline. As a result, we anticipate ADA/USD to rise even more and challenge the $2.30 resistance.