Cardano’s current price action is indicating a possible bullish trend change in short term. Last week, ADA traded at $0.721, which was a break above the $0.705 – $0.710 resistance zone. This week, ADA is trading at $0.79, which is above the $0.75 – $0.80 resistance zone. The most crucial bullish trend line that should be crossed is at the $0.845 and $0.894 levels.
After last week’s breakout, Cardano has been consolidating above its $1.00 starting support level, with ADA / USD fluctuating between $1.19 and $1.22, while the high-volume ADA / USD pair has been trading at a significant premium to the rest of the market. On the downside, a break under $1.10 would open the door to $1.00, which as we know is the lowest point of the entire rally that started at the beginning of October 2017, if not the lowest point of the entire cryptocurrency market.
After a month of relative stability, Cardano has started to see an increase in volatility. This week, ADA has fallen by roughly 2.5% and according to our price analysis, the coin is struggling to break out of the $1.20-$1.30 support region. Looking at the 4 hour chart, the coin is trading well above the $1.20 level, suggesting a new short term range resistance. If this support level is broken, we could see a new high in ADA at $1.55, which will indicate that the price is starting to trend up.. Read more about cointelegraph price analysis and let us know what you think.
TL;DR Summary
- Overnight, ADA shifted to the side.
- Support at $1.20 is still in place.
- The next goal for the ADA/USD pair is $1.30.
Cardano price analysis for the next 24 hours is positive, as the market price continues to rise following overnight consolidation above the $1.20 level. As a result, early next week, we may anticipate ADA/USD to hit the $1.30 barrier level.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the cryptocurrency market has had mixed outcomes. Bitcoin is up 1,81 percent, while Ethereum is up about 1.53%. With a gain of more than 26%, Internet Computer (ICP) is one of the top performers.
Cardano’s price has consolidated over $1.20 in the past 24 hours.
Over the past 24 hours, ADA/USD has moved in a range of $1.20 to $1.25, suggesting moderate volatility. The overall trading volume has dropped by 19.44% to $984.8 billion. Meanwhile, the entire market value of the cryptocurrency is approximately 39.55 billion dollars, putting it in fifth position worldwide.
ADA/USD 4-hour chart: Is ADA on its way to $1.30?
On the 4-hour chart, the Cardano price has been moving sideways overnight in anticipation of a push upward to $0.130 later today.
4-hour chart of the ADA/USD currency pair. TradingView is the source of this information.
After setting a lower swing high at $1.50 on July 4th, Cardano price action has continued to trade in a bearish market structure in recent weeks. From then, ADA/USD began to fall, losing more than 30% of its value to $1.03.
On Wednesday, the ADA/USD pair rapidly recovered from there, reaching a minor support turned resistance level of $1.20. Following that, there was a multi-day consolidation and a retest of the $1.15 level. Following that, the Cardano price soared once again, this time hitting $1.25.
Cardano consolidated above the $1.20 barrier overnight, suggesting that bulls are gaining steam for a new push higher. As a result, we may expect ADA/USD to hit $1.30 in the near future.
Conclusion of the Cardano Price Analysis
The Cardano price outlook for the next 24 hours is positive, as traders have maintained to respect the $1.20 support level overnight. As a result, we anticipate further upside to start later today as bulls aim for the $1.30 barrier.
While you wait for Cardano to rise, check out our tutorials on Bitcoin fees, what you can buy with Bitcoin, and DeFi benefits.
Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.
ADA has been performing well during the past week, with the price trading above the $1.20 resistance level. The cryptocurrency’s price rose to $1.30 yesterday, and the bulls are trying to push the price towards $1.40. The current momentum favors the bulls, and a break above $1.30 is likely to accelerate the momentum. The long-term bullish trend is intact, and the ADA price is likely to move higher in the near-term.. Read more about cardano africa and let us know what you think.
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