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Cardano Price Analysis: ADA still consolidates above $2, swift reversal to follow?

Cardano Price analysis

TL;DR Breakdown

  • Cardano price analysis is bullish today.
  • ADA/USD continues to respect $2 support.
  • Market not yet ready to reverse.

Cardano price analysis is bullish today as any further downside was rejected above the $2 support again, indicating exhaustion for bears. Therefore, we expect ADA/USD to reverse over the next 24 hours and look to move towards the previous high next.

Cardano Price Analysis: ADA still consolidates above $2, swift reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The crypto market traded mostly in the green over the last 24 hours, with Bitcoin gaining 2.34 percent. Ethereum saw even better performance, as it gained 3.46 percent, while Cardano (ADA) was among the worst performers, with a small loss of 1 percent.

Cardano price movement in the last 24 hours: Cardano tests $2 support again

ADA/USD traded in a range of $2.02 – $2.14, indicating mild volatility over the last 24 hours. Trading volume has declined by almost 15 percent and totals $2.84 billion, while the total market cap trades around $67.18 billion, ranking the coin in 4th place overall.

ADA/USD 4-hour chart: ADA looks to move higher today?

On the 4-hour chart, the Cardano price looks to move higher as another bounce from the $2 support was seen this morning.

Cardano Price Analysis: ADA still consolidates above $2, reversal to follow?
ADA/USD 4-hour chart. Source: TradingView

Cardano price action has continued to trade in a bearish momentum over the past weeks. After a strong drop on the 20th of September, support was initially found above the $2 mark.

However, after some consolidation, another brief spike lower was seen to $1.90, setting a further lower significant swing low. Over the following week, ADA/USD rallied until a new swing lower high was set at $2.46.

From there, the Cardano price began its current several-day decline back to $2. So far, the support holds, indicating an upcoming reversal back to the upside.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish today as the $2 support prevented further downside overnight, indicating that a new swing low has been set. Therefore, we expect ADA/USD to gather the momentum to push higher over the next 24 hours.

While waiting for Cardano to move further, read our guides on NFT Games, CoinJar, as well as Exodus wallet review.

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.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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