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Cardano Price Analysis: ADA reverses from $1.3 support again, more upside to follow?

Cardano Price analysis

TL;DR Breakdown

  • Cardano price analysis is bullish today.
  • ADA/USD retested $1.30 support overnight.
  • Closest resistance at $1.38.

Cardano price analysis is bullish today as we have seen the $1.30 support reverse the market again overnight. Likely ADA/USD is headed for another test of the $1.38 resistance late today.

Cardano Price Analysis: ADA reverses from $1.3 support again, more upside to follow? 1
Cryptocurrency heat map. Source: Coin360

The market overall has seen bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, are both in the green, with a gain of 0.55 and 1.43 percent. Meanwhile, Cardano (ADA) is up by 1.68 percent.

Cardano price movement in the last 24 hours: Cardano retests $1.30 before heading higher

ADA/USD traded in a range of $1.31 – $1.35, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 7.82 percent, totaling $972.9 billion. Meanwhile, the total market cap trades around $45.1 billion, ranking the coin in 6th place overall.

ADA/USD 4-hour chart: ADA looks to break $1.38 resistance?

On the 4-hour chart, we can see the Cardano price moving higher again, likely as bulls look to retest the $1.38 resistance.

Cardano Price Analysis: ADA reverses from $1.3 support again, more upside to follow?
ADA/USD 4-hour chart. Source: TradingView

Cardano price action has stabilized over the past days after declining by almost 20 percent last week. Support at $1.30 was initially found on the 30th of December, with several retests since.

Additionally, resistance was found at $1.38 shortly after, which also has been retested since. Therefore, ADA/USD has formed a consolidation range, which, when broken, will indicate where the market is headed next.

After Cardano price reversed from the $1.30 support again yesterday, we expect bulls to push the market higher. However, whether ADA/USD can break above the $1.38 is yet to be seen.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish today as we expect more upside to follow over the next 24 hours after another retest of the $1.3 support reversed the market. Potentially, ADA/USD is now ready to break the $1.38 and regain the loss seen last week.

While waiting for Cardano to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.

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.

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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