Cardano Price Prediction: ADA consolidates near $1.98, before retreating to $1.88

Cardano Price Prediction Breakdown

• Cardano price prediction is bullish on the 1-day chart.
• ADA/USD respected $1.90 resistance overnight.
• Another local higher low is currently set.

The price of Cardano is currently bullish, as we anticipate the present consolidation beneath $1.90 to come to an end with a move up. As a result, we anticipate ADA/USD to establish another higher low before returning towards the $1.99 resistance later today. 

Bitcoin climbed by 4.38 percent over the last 24 hours, with the overall market gaining in value. Ethereum rose 5.35 percent while the rest of the top altcoins followed suit.

Cardano price prediction in the last 24 hours: Cardano unable to break above $1.98

ADA/USD has been trading in a range of $1.88 to $1.98 throughout the past 24 hours, suggesting little volatility. Trading volume has dropped by 32.25 percent and is now at $2.34 billion;  while the overall market valuation sits at roughly $61 billion, placing it in the sixth position globally.

ADA/USD 4-hour chart: $2.00 rejects Cardano 1-day rally 

The Cardano price has continued to drop on the 4-hour chart, with the $1.88 still holding strong.

ADA/USD 4-hour chart. Source: TradingView

Cardano’s price has been trending strongly bearish during the past several weeks. ADA/USD established a significant high of $2.375 on the 9th of November after a several-day consolidation at the start of November.

When the bulls eventually drove prices back to $2, investors were encouraged by the fact that they got there quickly. The consolidation was ended on November 16th as price plummeted another $0.85 to $1.95, which coincided with an equally strong reaction low of $1.95, suggesting market weakness as a whole.

After one week of fluctuating in a narrow range, Cardano has broken past $1.90 and is now testing the $1.76 support level for the first time when prices were at their lowest price in early 2021. Yesterday’s action saw both a higher low and lower high established, indicating that a consolidation area had formed below.

Cardano Price Prediction Conclusion 

The Cardano price is in an excellent position today, with bulls driving the market to new highs. As we expect the current consolidation beneath $1.90 to come to an end, ADA/USD will most likely produce another higher low over the following hours before attempting to rise further.