Cardano Price Analysis: ADA sets higher low, slowly looks to return above $2

Cardano Price analysis

TL;DR Breakdown

  • 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.

Cardano Price Analysis: ADA sets higher low, slowly looks to return above $2 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: ADA sets higher low, looks to return above $2
ADA/USD 4-hour chart. Source: TradingView

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.

While waiting for Cardano to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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.



Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

Related News

Hot Stories

Bitcoin, Ethereum, Monero, and Algorand Daily Price Analyses – 10 August Roundup
Cardano price analysis: ADA tests $0.51 support with potential to rise up to $0.67
Dogecoin price analysis: DOGE swiftly retraces to $0.067, on its way higher? 
Ethereum price analysis: ETH retests $1,680, swiftly spikes above $1,800
ChainLink price analysis: LINK spikes to $9.2 after strong bullish trend

Follow Us

Industry News

Coinbase records $1 billion loss in Q2
Curve Finance hacked and $570K stolen
What happens to $ETH after the merge on 19 September?
Cleanspark acquires BTC mining facility with 86 MW capacity
BitMEX executive pleads guilty in court