- Cardano price analysis is bullish today.
- ADA/USD has spiked towards the $1.60 resistance again.
- Higher high already set.
Cardano price analysis is bullish today as we have seen a break above the previous consolidation area. Likely ADA/USD will continue even higher, with the next major resistance seen at $1.75.
The cryptocurrency market has seen a bearish momentum return over the last 24 hours. Bitcoin declined by 1.04 percent, while Ethereum by 2.85 percent. Meanwhile, Terra (LUNA) is the top performer, with a gain of voer 10 percent.
Cardano price movement in the last 24 hours: Cardano sets lower low, quickly moves back towards previous highs
ADA/USD traded in a range of $1.53 – $1.62, indicating substantial volatility over the last 24 hours. Trading volume has declined by 3.23 percent, totaling $1.74 billion, while the total market cap trades around $53.44 billion, ranking the coin in 6th place overall.
ADA/USD 4-hour chart: ADA currently tests previous highs
On the 4-hour chart, we can see strong bullish momentum over the last 24 hours as previous highs are getting broken.
Cardano price has seen a strong increase over the last hours, counter to the overall trend seen over the past weeks. After setting a new major swing low at $1.415 last week, ADA/USD saw quick rejection higher to the $1.60 mark.
From there, the market started to consolidate sideways for several days. After several rejections of further upside, ADA saw a clear lower low set overnight around $1.52. The market quickly reversed from there, leading to a spike above the previously formed consolidation today.
Since the Cardano price action has set a strong higher high over the past hours, we could be seeing a major trend reversal beginning. The next resistance is located at $1.75 and, if reached, would indicate the return of strong bullish momentum.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish as we have seen a strong spike above the previous highs over the last hours. Therefore, we expect ADA/USD to continue even higher later today, with the next major target at $1.75.
While waiting for Cardano to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.