- Cardano price analysis is bullish today.
- ADA/USD set another higher low above $2 yesterday.
- Bullish momentum is slowly picking up momentum this morning.
ADA is currently in a bearish trend, but the price analysis of Cardano indicates that it’s time to be bullish. After a higher low was established yesterday, we expect the $2.10 resistance to be broken next. As a result, ADA/USD will most likely break out of its current consolidation.Cryptocurrency heat map. Source: Coin360
The overall market saw some bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 4.38% and 5.35%, respectively. Meanwhile, Hex (HEX) is still the top performer, with a gain of over 12 per cent.
Cardano price movement in the last 24 hours: Cardano moves higher after retesting the $1.8 support
The price of ADA/USD was in a range of $1.86 to $1.89over the past 24 hours, showing moderate volatility. Trading volumes have decreased by 20.9 percent and stand at $1.5 billion, while the market capitalization is around $68 billion, placing it in sixth spot worldwide.
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.
ADA/USD 4-hour chart. Source: TradingView
The Cardano price has been seeing bearish momentum return in recent days. On the 9th of November, after a consolidation around the $2 mark at the start of November, a solid spike upward sent prices to $2.375, establishing a significant high.
The price of Cardano was hit by a strong retracement, which resulted in most of the gain being momentarily erased on November 10th. Cardano has established both lower highs and higher lows since then, suggesting consolidation in an ever tighter range.
After another failed attempt to break down below $0.0080 yesterday, bullish momentum has resumed today. We may see Cardano price test the $2.10 resistance, which has served as a barrier for bulls to advance, once again.
Cardano Price Analysis: Conclusion
The Cardano price is currently recovering, with another higher low established after consolidation over the weekend. As a result, ADA/USD has laid the groundwork for future gains later today.