- Cardano price analysis is bullish today.
- ADA/USD established a higher low around $1.95 yesterday.
- Closest resistance at $2.10.
Cardano price analysis is bullish today as we expect more upside after a higher low set yesterday. Therefore, ADA/USD will likely continue moving higher and clear the $2 mark next.
The overall market traded mostly in the red over the last 24 hours. Bitcoin lost 1.35 percent, while Ethereum 0.96 percent. Meanwhile, Shiba Inu (SHIB) is the top performer, with a gain of more than 17 percent.
Cardano price movement in the last 24 hours: Cardano established a higher low at $1.95, returns above $2
ADA/USD traded in a range of $1.96 – $2.04, indicating mild volatility over the last 24 hours. Trading volume has declined by 20.85 percent and totals $2.27 billion. Meanwhile, the total market cap trades around $66.7 billion, ranking the coin in 6th place overall.
ADA/USD 4-hour chart: ADA to reach $2.10 next?
On the 4-hour chart, we can see the Cardano price slowly moving higher, likely leading to a push to $2.10 resistance over the next 24 hours.
Cardano price action consolidated above $2.10 support level for most of October. Increasingly lower highs were set, indicating a bearish pressure building up in an increasingly tighter range.
A strong break lower followed on the 28th of October, leading ADA/USD to spike to $1.80. A quick recovery above $2 followed, with the following test of downside setting higher low at $1.90.
On the 3rd of November, the Cardano price saw a spike to $2.10 previous support turned resistance. Further upside was rejected, leading back to the downside. ADA/USD set another higher low, likely leading to another test of upside later this weekend.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish today as a higher low has been set, and bullish momentum has slowly returned overnight. Therefore, we expect ADA/USD to push higher later today and reach the $2.10 mark next.