- Cardano price analysis is bullish today.
- ADA/USD respected $1.90 resistance overnight.
- ADA is currently trading at $1.78.
The price of Cardano is rising today, as we expect the current consolidation beneath $1.90 to come to an end with a rise. As a result, we expect ADA/USD to make another higher low before heading back towards the $190 resistance later today.
Trading has been quiet during the day, with $1.90 acting as strong resistance for Cardano price action during Asian trading this morning. The support came up short of its former position, around $180 – $185. However, ADA/USD broke down below it to begin the consolidation it is currently involved in.
Cardano price movement in the last 24 hours: Cardano continued to consolidate below $1.90
We are yet to be impressed with Cardano’s price action, as its lack of volatility has not allowed it to make a significant movement that Bitcoin is making daily. However, this is expected to change today, as we may see follow-through from yesterday’s bullish rejection at $1.90.
A push higher should see ADA/USD break through the resistance zone around $1.90, with further significant resistance expected at the 0% Fib level. The next obstruction for bullish momentum will be above this zone, around the 38.2% Fib level where price action has met strong opposition in previous days trading.
A push below $1.81 should see Cardano drop back towards the 50% Fibonacci retracement at $1.74, which may continue to act as support while ADA/USD trades within the range that it is currently in – it should not move beyond here; however, without a significant burst of buying volume behind it. Support beneath this area can be found at $1.73 and then again just above $1.70.
ADA/USD 4-hour chart: Cardano looking to set another local higher low
We can see the Cardano price falling over the previous hours on the 4-hour chart, with $1.90 still in place as a support level.
The price of Cardano has been in a steady downward trend since the beginning of 2019. ADA/USD fell rapidly for several days before reaching a peak high of $2.375 on the 9th of November, after which it moved into a tight range.
The RSI indicator is currently rising, in line with the recent price action. A movement below 50 on this indicator will indicate that there may be some bearish momentum behind whether ADA/USD returns towards $1.90.
This will likely continue for some time before ADA/USD heads back down again – it appears that another local higher low is in place around this figure, meaning that investors are waiting to see if Cardano can break through resistance once more. Overnight price action saw the price of Cardano close above the 23.6% Fib level with previous support at $1.80, which may be in play in the meantime as resistance should ADA/USD make any significant move upwards today throughout Asian trading hours.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish today as we expect the current consolidation beneath $1.90 to end with a rise. As a result, ADA/USD is expected to make another higher low before heading back towards the $190 resistance later today.
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