Cardano Price Analysis: ADA slowly consolidates above $1.3 previous high, more upside to follow?
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TL;DR Breakdown
- Cardano price analysis is bullish today.
- ADA/USD set a higher high at $1.37 yesterday.
- Consolidation above $1.30 resistance seen since.
Cardano price analysis is bullish today as we expect the current consolidation above $1.30 to result in a break higher over the next 24 hours. Likely ADA/USD will move to the $1.40 mark next.
The cryptocurrency market has seen mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, have lost 2.27 and 3.13 percent, respectively. Meanwhile, Cardano (ADA) trades with a 2 percent gain.
Cardano price movement in the last 24 hours: Cardano retests $1.30 as support, continues to consolidate
ADA/USD traded in a range of $1.30 – $1.37, indicating mild volatility over the last 24 hours. Trading volume has increased by 40.31 percent, totaling $1.65 billion. Meanwhile, the total market cap trades around $44.58 billion, ranking the coin in 7th place overall.
ADA/USD 4-hour chart: ADA prepares to test $1.40 next?
On the 4-hour chart, we can see the Cardano price establishing a clear base above $1.30, from which we expect another push higher to follow.
Cardano price action has seen a steady decline and a consolidation above $1.20 support for the past weeks. The support was tested several times, while further lower highs were set, indicating an increasingly tighter trading range.
After another lower high was set at $1.30 on the 19th of December, ADA/USD retested the $1.20 support for one last time before finally breaking higher yesterday. The Cardano price peaked at $1.37, indicating a strong higher high has been set.
Therefore, the market structure has become bullish again. If we see the current consolidation end with another spike higher, a break of the $1.40 next resistance would further strengthen the market, potentially indicating a strong reversal could follow over the next weeks.
Cardano Price Analysis: Conclusion
Cardano price analysis is bullish today as the current small retracement and consolidation above $1.30 should resolve to another push higher later today. Likely ADA/USD will quickly spike to the next resistance at $1.40 next.
While waiting for Cardano to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.
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