- ADA continued to trade above the $2 support overnight.
- Next support at $1.80.
- Closest resistance at $2.45.
Today’s Cardano price prediction is bullish as the market retraced to the $2 mark and still has not moved any lower. Therefore, we should see another push higher over the next 24 hours as the several-week bullish momentum continues.
The overall market trades with mixed results as Bitcoin trades with a small loss of 0.5 percent, while Ethereum has gained 2 percent. Ripple (XRP) and Litecoin (LTC) are among the best performers, with a gain of 6 and 8.5 percent, respectively.
ADA/USD opened at $2.03 after retracing from the $2.30 to $2 mark yesterday. Overnight, Cardano price action retested support at $2, indicating that we could see another push higher later this week.
Cardano price movement in the last 24 hours
The ADA/USD price moved in a range of $1.93 – $2.15, indicating a moderate amount of volatility. The trading volume over the last 24 hours has declined by 29 percent and totals $8.87 percent. Meanwhile, the total market cap stands at $64 billion, ranking the cryptocurrency in 4th place overall.
ADA/USD 4-hour chart – ADA still trades above $2
On the 4-hour chart, we can see the Cardano price testing the $2 mark over the past hours, indicating that bulls are still in control.
Overall the Cardano price action continues trading in a very strong, several-week bullish momentum. Since the previous low around the $1 mark, ADA has rallied by more than 140 percent to the new all-time high of $2.45.
However, on Sunday we saw ADA retrace towards the $2 mark, with sharp rejection shortly after. Yesterday a similar quick spike to the $2 mark was seen, indicating that bulls are still in control. This has resulted in an increasingly tightening range over the last 24 hours.
Once Cardano breaks either below the $2 support or the current local high of $2.15, we can start to judge where the market is headed next. If the $2 support fails to hold, we could see a quick spike towards the next support at $1.80. This would mean that the overall market price structure is slowing down, and potentially prepares for a much more serious reversal.
Alternatively, if we see further upside later today, we expect ADA/USD to push higher over the next 24 hours and move towards setting a new all-time high by the end of the week.
Cardano Price Prediction: Conclusion
Cardano price prediction is bullish as the market retraced to retest the $2 mark several times over the past days. Therefore, as long as the support holds, we expect ADA/USD to move higher over the remainder of this week.
While waiting for further Cardano price action development, read our latest guides on how many Bitcoins are left to mine, how to invest in Bitcoin, as well as Litecoin mining software.
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.