- Cardano price analysis is bullish today.
- ADA/USD set a lower low overnight.
- Cardano is likely to regain some of the loss today.
Today, Cardano price analysis is bullish as a new lower low was established following a solid drop over the previous 24 hours. As a result, we anticipate ADA/USD to recover some of its loss later today as bears are worn out.
According to the Coin360 cryptocurrency heatmap, the overall market is trading in the red zone with Bitcoin shedding 2.92 percent and Ethereum dropping by 0.34 percent. The best performer of the day is Solana after it crossed the $200 psychological support.
Cardano price movement in the last 24 hours: Cardano spikes below $2.15 previous low
The ADA/USD pair fluctuated from a low of $2.08 to a high of $2.24 over the last day, suggesting significant volatility during that time. Volatility has increased by 27 percent, with trading volume increasing by 27.43 percent and totaling $2.78 billion as of this writing, placing the coin in the third position.
ADA/USD 4-hour chart: ADA set to reverse today?
On the 4-hour chart, we can observe Cardano’s price action starting to reverse as bears run out of steam after a steep drop.ADA/USD 4-hour chart. Source: TradingView
Cardano’s price has remained stagnant for the past several weeks. After establishing a high low of $2.30 in early October, Cardano experienced consolidation in an increasingly tighter range, with a lower high at $2.30 near the start of October.
However, the following higher high above $2.30 was followed by a lower low set during the subsequent retracement below $2.15. As a result, the overall trend for ADA/USD remains unclear.
We may see the Cardano price recover lost ground in the coming days. If a lower high is made, we might expect bearish momentum to continue into next week.
Cardano Price Analysis: Conclusion
Today, the Cardano price appears to be in an uptrend. After a significant decline, a new lower low was established today. However, bearish momentum has run its course, and we may expect a retracement in the next 24 hours.
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