Cardano price prediction: Cardano retests $2, still set to move higher?

Cardano price analysis
Cardano price analysis
  • 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.

Cryptocurrency heat map. Source: Coin360

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.

ADA/USD 4-hour chart. Source: TradingView

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.

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