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Cardano Price Analysis: ADA retraces to $2.65, rejects further downside

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TL;DR Breakdown

  • Cardano price analysis is bullish for today.
  • ADA/USD retraced to $2.65 previous minor support yesterday.
  • Cardano consolidated overnight.

Cardano price analysis is bullish for today as the market has set another higher low at $2.65 yesterday and consolidated overnight above the support. Therefore, we expect ADA/USD to see further upside today and finally break past the $3 mark next.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours. Market leader, Bitcoin has lost 2.67 percent, while Ethereum has declined by 4.67 percent. Cardano has seen an average decline of 4.55 percent.

Cardano price movement in the last 24 hours: Cardano finds support at $2.65

ADA/USD traded in a range of $2.60 – $2.92, indicating a good amount of volatility over the last 24 hours. Trading volume has increased by 3.59 percent and totals $8.98 billion. Meanwhile, the total market capitalization trades around $88.7 billion, ranking the coin in 3rd place overall.

ADA/USD 4-hour chart: ADA starts to push higher again

On the 4-hour chart, we can see the Cardano price setting another higher low in preparation for another rally later today.

Cardano Price Analysis: ADA retraces to $2.65, rejects further downside
ADA/USD 4-hour chart. Source: TradingView

Cardano price action has continued to rally over the past week. From the last major swing low of $1.02, set on the 20th of July, ADA/USD has gained 190 percent, with previous swing highs broken along the way.

However, after rallying close to the $3 mark on Monday, bulls lost their momentum. What followed was a quick retracement of around 10 percent, with support found around the $2.65 mark.

Overnight, the Cardano price consolidated and established a clear higher low. This price action development should lead towards another rally later today, with bulls likely breaking the $3 mark next.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish today as the market retraced and set another higher low yesterday above the $2.65 mark. Therefore, we assume ADA/USD is ready for another rally later today, with the $3 mark likely to be broken next.

While waiting for Cardano to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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.



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