Ethereum
$ 1,146.79 4.81%
Solana
$ 35.45 8.72%
Dogecoin
$ 0.066096 9.61%
ApeCoin
$ 5.03 2.23%
Bitcoin
$ 20,325.00 2.51%
BNB
$ 227.94 2.97%

Cardano price analysis: ADA sets higher low, ready to break $0.92 previous high?

Cardano Price analysis

TL;DR Breakdown

  • Cardano price analysis is bullish today.
  • ADA/USD saw a new higher low at $0.87 yesterday.
  • Bullish momentum has been strong over the last hours.

Cardano price analysis is bullish today as we see another push higher towards the $0.92 local high. Given the bullish momentum, ADA/USD should see further upside reached soon and continue the multiple-day rally that began last week.

Cardano price analysis: ADA sets higher low, ready to break $0.92 previous high? 1
Cryptocurrency heat map. Source: Coin360

The market has mostly moved in the green in the last 24 hours. The leader, Bitcoin, lost 0.51 percent, while Ethereum was up by 3.31 percent. Cardano (ADA) saw a more impressive 3.76 percent return and is one of the top daily performers.

Cardano price movement in the last 24 hours: Cardano returns towards previous high

ADA/USD traded in the $0.8657 – $0.9053 range, indicating substantial volatility over the last 24 hours. Trading volume has declined by 10.33 percent, totaling $1 billion, while the total market cap trades around $30.44 billion, resulting in a market rank of 8th place.

ADA/USD 4-hour chart: ADA looks to break $0.92

On the 4-hour chart, we can see the Cardano price rapidly moving higher, likely leading to a break higher by the end of the day.

Cardano price analysis: ADA sets higher low, ready to break $0.92 previous high?
ADA/USD 4-hour chart. Source: TradingView

Cardano price action saw a strong rally last week as the 0.79 support slowly reversed the market earlier. After several days of consolidation in a narrow range, ADA/USD saw the first push higher on the 16th of March.

Resistance at $0.85 initially prevented further upside leading to slight retracement and a higher low set at $0.82. Bullish momentum intensified, quickly leading to a new high set at $0.92 by the second half of Saturday.

Yesterday, retracement took the price of Cardano lower. The $0.87 mark offered support, meaning it set another higher low and is set to continue higher. 

Today, ADA/USD has continued to rally and currently looks to push past the $0.92 previous high. Therefore, we should soon see further higher highs as the market continues on its way to the previous major swing high at $1.

Cardano price analysis: Conclusion 

Cardano price analysis is bullish today as we have seen another higher low set yesterday and more upside pressure since morning. Therefore, we assume ADA/USD is powering to the $0.92 mark and looks set for further local highs.

While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.

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.

Related News

Hot Stories

Polkadot price analysis: DOT may decline to $6 in current extended downtrend
StormX Price Prediction 2022-2030: Is STMX a Good Investment?
Holograph Integrates LayerZero To Facilitate Holographic Omnichain NFTs That Beam Across Blockchains
Dogecoin price analysis: DOGE swiftly retests $0.07 as support, ready to push higher?
Bitcoin, Binance Coin, XRP, and Solana Daily Price Analyses – 28 June Morning Price Prediction

Follow Us

Industry News

Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report
US adults turn strong hands, predict Bitcoin at $38,000 on average in 6 months
Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records