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Cardano Price Analysis: ADA reverses above $2, set to swiftly move higher today?

Cardano Price analysis

TL;DR Breakdown

  • Cardano price analysis is bullish today.
  • ADA/USD declined to the $2 mark overnight.
  • Bulls are pushing Cardano higher so far today.

Cardano price analysis is bullish today as a new higher low is likely set after a reversal above the $2 mark was seen overnight. Therefore, we expect ADA/USD to rally higher over the next 24 hours,

Cardano Price Analysis: ADA reverses above $2, set to swiftly move higher today? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours, with Bitcoin gaining 1.29 percent. Meanwhile, Ethereum follows, with a gain of 0.83 percent, while Binance Coin (BNB) leads the way with more than 9 percent gain.

Cardano price movement in the last 24 hours: Cardano pivots above $2

ADA/USD traded in a range of $2.02 – $2.14, indicating a moderate amount of volatility. Trading volume has increased by 18.34 percent and totals $3.28 billion, while the total market cap trades around $68.23 billion, ranking the coin in 4th place overall.

ADA/USD 4-hour chart: ADA starts to rally again

On the 4-hour chart, we can see Cardano price starting to push higher as bulls have regained momentum.

Cardano Price Analysis: ADA reverses above $2, set to move higher today?
ADA/USD 4-hour chart. Source: TradingView

Overall, Cardano price action still trades within a bearish market structure. After the first spike lower on the 7th of September, the middle of the month was spent consolidating in an increasingly tighter range above $2.3.

What followed was another push lower on the 20th of September, during which a new low was set around $2. The subsequent week, ADA/USD saw a slow rally higher, with a new swing lower high set at $2.46.

From there, the Cardano price action reversed and started heading lower again late last week. This bearish momentum has continued so far this week until the $2 mark was reached, and a reaction to the upside was seen this morning.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish today as a new higher low has likely been set above the $2 mark after a mild decline was seen earlier this week. Therefore, we expect ADA/USD to push higher over the next 24 hours and look to regain some of the loss seen over the past days.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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