Cardano Price Analysis: ADA rejects downside below $1, reversal incoming?
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TL;DR Breakdown
- Cardano price analysis is bullish today.
- ADA/USD began retracing overnight.
- The market has returned above $1.1.
Cardano price analysis is bullish today as we expect more retracement to follow today after a strong rejection of further downside yesterday. Likely ADA/USD will move towards the next resistance at $1.2 next.
The market has turned green over the last 24 hours as further downside was rejected across the board. The market leaders, Bitcoin and Ethereum, have gained 0.06 and 0.65 percent. Meanwhile, Cardano (ADA) has gained 8.21 percent.
Cardano price movement in the last 24 hours: Cardano begins to retrace
ADA/USD traded in a range of $0.9334 – $1.14, indicating substantial volatility over the last 24 hours. Trading volume has increased by 31.54 percent, totaling $3.79 billion. Meanwhile, the total market cap trades around $37.63 billion, ranking the coin in 6th place overall.
ADA/USD 4-hour chart: ADA reclaims $1.1
On the 4-hour chart, we can see the Cardano price beginning to push higher, likely leading to more upside later today.
Cardano price saw a strong decline this week. From the previous major swing high around $1.6, which was set on the 18th of January, ADA/USD lost over 40 percent to the $0.091 mark.
Strong rejection for further downside was seen early yesterday, leading to a return above the $1 mark. After some consolidation later, another push higher began overnight.
Therefore, Cardano is now ready to retrace the massive loss seen earlier. The next resistance is located at $1.2 and is the next target to reclaim.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish today as we expect more upside to follow over the next 24 hours after a rejection of the downside yesterday. ADA/USD should move to the $1.20 resistance next.
While waiting for Cardano to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.
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