Ethereum
$ 1,205.54 1.81%
Solana
$ 38.74 5.31%
Dogecoin
$ 0.072995 0.13%
ApeCoin
$ 5.12 3.96%
Bitcoin
$ 20,954.00 1.55%
BNB
$ 234.15 1.68%

Cardano Price Analysis: ADA  moving to test $2 as support, will it hold?

Cardano Price analysis

TL;DR Breakdown

  • Cardano price analysis is bullish today.
  • ADA/USD close to $2 support after overnight drop.
  • Reaction is likely to follow over the next hours.

Cardano price analysis is bullish today as we expect the $2 mark to prevent further downside, meaning a higher low will be set. Therefore, ADA/USD should see a reversal over the second half of the day and move higher after the test of local support.

Cardano Price Analysis: ADA  moving to test $2 as support, will it hold? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours.  The market leader, Bitcoin, lost 2.47 percent, while Ethereum lost 2.1 percent. The rest of the top altcoins have seen even worse results, with a drop of over 5 percent.

Cardano price movement in the last 24 hours: Cardano retraces again after a brief rally above $2.10

ADA/USD traded in a range of $2.01 – $2.13, indicating mild volatility over the last 24 hours. Trading volume has declined by 44.64 percent and totals $3.33 billion, while the total market cap trades around $67.3 billion, ranking the coin in 6th place overall.

ADA/USD 4-hour chart: ADA looking to test $2 support?

On the 4-hour chart, we can see a strong decline for the Cardano price this morning as a higher low will likely be set before more upside can follow.

Cardano Price Analysis: ADA  moving to test $2 as support, will it hold?
ADA/USD 4-hour chart. Source: TradingView

Cardano price action saw consolidation below the $2 mark for most of November. After a strong drop to $1.80 at the end of October, the price stabilized above $1.90. A brief test of upside followed on the 3rd of November, resulting in another drop lower.

However, at the beginning of this week, ADA/USD saw a strong bullish momentum return. Cardano quickly broke past the previous highs, peaking at $2.375 on Tuesday. An equally strong reversal followed, resulting in a spike to $1.95 the day after.

Since then, the Cardano price action rallied back above $2.10 before moving for another test of the downside earlier today. Currently, the $2 mark is the closest support, with a higher low likely set around it. From there, we expect ADA/USD to move higher over the weekend.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish today as we expect the $2 mark to hold, meaning a higher low will be set from which to move higher over the weekend. Therefore, ADA/USD will likely see further downside over the next hours as the $2 support is not yet reached before the bullish momentum picks up again.

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

Lapin

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

Chainlink price analysis: LINK value drops to $6.5 after a bearish slide
Cryptopolitan to host Vidma in upcoming Web3 Masterminds session
Bitcoin price analysis: BTC retests $21,500, swift drop to $20,000 incoming?
Eminem promotes a BAYC video alongside Snoop Dogg
Ossification of Bitcoin

Follow Us

Industry News

Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records
Anonymous plans to bring Do Kwon to justice
Mastercard survey: 50% of Latin Americans use crypto
Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b