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Cardano Price Analysis: ADA continues to consolidate above $1.2, breakout to follow soon?

Cardano Price analysis

TL;DR Breakdown

  • Cardano price analysis is bullish today.
  • ADA/USD retested the $1.20 support yesterday.
  • Another test of upside is currently in progress. 

Cardano price analysis is bullish today as we saw the $1.20 support hold again. Therefore, ADA/USD is headed for another test of upside today, with the $1.30 mark being the closest resistance.

Cardano Price Analysis: ADA continues to consolidate above $1.2, breakout to follow soon? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has traded in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum, have gained 6.1 and 5.74 percent, respectively. Meanwhile, Cardano (ADA) follows closely, with a gain of over 4 percent.

Cardano price movement in the last 24 hours: Cardano retests $1.20 support, heads higher again

ADA/USD traded in a range of $1.20 – $1.27, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 4.69 percent, totaling $1.26 billion. Meanwhile, the total market cap trades around $43.2 billion, ranking the coin in 6th place overall.

ADA/USD 4-hour chart: ADA looking to test upside again

On the 4-hour chart, we can see bullish momentum returning overnight for the Cardano price action, leading towards the previous high at $1.30.

Cardano Price Analysis: ADA continues to consolidate above $1.2, breakout to follow soon?
ADA/USD 4-hour chart. Source: TradingView

Cardano price action has seen consolidation in an increasingly tighter range over the past weeks. After a sharp drop to the $1.20 mark on the 10th of December, a new major swing low was set.

Since then, ADA/USD has continued to set lower highs, while still respecting the $1.20 support after several retests. Therefore, the market has formed a consolidation in a descending triangle pattern.

The last swing high was set at $1.30 over the weekend. Until this high is broken, we expect more consolidation to continue overall. However, for today, more upside should follow as there is still enough room until the previous swing high at $1.30.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish today as we expect more upside to follow after another bounce from the $1.20 support. Therefore, ADA/USD currently moves to set another lower high and continue the several-week consolidation.

While waiting for Cardano to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.

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Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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