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Cardano price analysis: ADA swiftly retraces to $0.4, higher local low set?

Cardano Price analysis 2022 11 07

TL;DR Breakdown

  • Cardano price analysis is bullish today.
  • ADA/USD declined overnight.
  • Support was found at $0.4.

Cardano price analysis is bullish today as we have seen a higher low set at $0.4 and a slight reaction higher over the past hours. Therefore, ADA/USD should see a reversal soon and look to advance even higher over the next few days.

Cardano price analysis: ADA swiftly retraces to $0.4, higher local low set? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 2.38 percent, while Ethereum lost 1.4 percent. Meanwhile, Dogecoin and Solana were the worst performers of the day, with over 5 percent lost.

Cardano price movement in the last 24 hours: Cardano retested previous support

ADA/USD traded in a range of $0.399 to $0.4201, indicating substantial volatility over the last 24 hours. Trading volume has increased by 22.85 percent, totaling $568.8 million, while the total market cap traded around $14 billion, ranking the coin in 9th place.

ADA/USD 4-hour chart: ADA ready to continue higher?

On the 4-hour chart, we can see a slight reaction higher over the past hours, likely leading ADA back above $0.042 overnight.

Cardano price analysis: ADA retraces to $0.4, higher local low set?
ADA/USD 4-hour chart. Source: TradingView

Cardano price action has seen failure to continue higher over the past week after a massive spike higher and a reaction lower was seen at the end of October. From there, ADA/USD retraced to $0.38, where a double bottom was set.

Another reversal followed, leading ADA to make another move higher. This time, the $0.44 mark could not be reached, potentially indicating that consolidation in an increasingly tighter range will soon follow.

Additionally, Cardano price action has already set a higher low at $0.4, further confirming the consolidation that will likely follow next. However, for now, ADA/USD will likely make another attempt to break the $0.44 resistance, which if fails should lead to more downside over the next weeks. 

Cardano price analysis: Conclusion 

Cardano price analysis is bullish today as another higher low is set over the past hours and bullish momentum currently looks to take over. Therefore, we expect ADA/USD to continue even higher over the next days and look to breach the $0.44 resistance.

While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.

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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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