- Cardano price analysis is bullish today.
- ADA/USD set another higher low above $2 yesterday.
- Bullish momentum is slowly picking up momentum this morning.
Cardano price analysis is bullish today as we expect the $2.10 resistance to be tested next after a higher low established yesterday. Therefore, ADA/USD is set to break out of the current consolidation.
The cryptocurrency market traded in the green over the last 24 hours. Bitcoin gained 2.75 percent, while Ethereum 2.97 percent. Meanwhile, VeChain and Litecoin are the top performers from the major altcoins, with a gain of around 10 percent.
Cardano price movement in the last 24 hours: Cardano moves higher after retesting the $2 support
ADA/USD traded in a range of $2.01 – $2.07, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 20.9 percent and totals $1.5 billion, while the total market cap trades around $68.73 billion, ranking the coin in 6th place overall.
ADA/USD 4-hour chart: ADA looks to break $2.10 next?
On the 4-hour chart, we can see bullish momentum returning this morning, likely leading to a break higher today.
Cardano price action has seen bearish momentum return over the past few days. After a consolidation around the $2 mark at the beginning of November, a strong spike higher on the 9th of November established a strong high at $2.375.
A strong retracement followed, with most of the gain briefly lost as ADA/USD spiked to $1.935 on the 10th of November. Since then, Cardano has set both lower high and higher lows, indicating consolidation in an increasingly tighter range.
After another test of downside late yesterday, bullish momentum currently picks up the momentum again. Likely we will see Cardano price test the $2.10 resistance as bulls are finally ready to break higher again.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish today as we saw another higher low set after consolidation over the weekend. Therefore, ADA/USD has established a base from which to rally higher again later today.