- Cardano price analysis is bullish today.
- ADA/USD respected $1.90 resistance overnight.
- Another local higher low is currently set.
Cardano price analysis is bullish today as we expect the current consolidation below $1.90 to end with a move higher. Therefore, we expect ADA/USD to set another higher low before returning towards the $190 resistance later today.
The overall market saw bullish momentum return over the last 24 hours, with Bitcoin up by 1.1 percent and Ethereum up by 2.68 percent. Meanwhile, Crypto.com (CRO) dominates the market with almost a 30 percent gain.
Cardano price movement in the last 24 hours: Cardano continued to consolidate below $1.90
ADA/USD traded in a range of $1.81 – $1.91, indicating mild volatility over the last 24 hours. Trading volume has declined by 32.25 percent and totals $2.34 billion, while the total market cap trades around $61.42 billion, ranking the coin in 6th place overall.
ADA/USD 4-hour chart: Cardano looking to set another local higher low
On the 4-hour chart, we can see the Cardano price moving lower over the past hours as the $1.90 still holds.
Cardano price action has seen a strong bearish momentum return over the past weeks. After a several-day consolidation at the beginning of November, ADA/USD saw a strong higher high set at $2.375 on the 9th of November.
What followed was an equally strong reaction lower to $1.95, indicating weakness for the overall market. Another several-day consolidation followed above the $2 mark before another push lower began on the 15th of November.
This time, the Cardano price action broke past the $1.90 significant support, eventually briefly testing the $1.76 mark. From there, both a higher low and lower high were set yesterday, indicating a consolidation area has formed below the previous resistance at $1.90.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish today as we expect the current consolidation below $1.90 to end with a move higher. Therefore, ADA/USD will likely set another higher low over the next hours before attempting to push higher.