thenewscrypto.com
Key Points:
- Price analysis on Cardano reveals that denied the upside yesterday following a short rise above $2.30
- On October 1st, the market bounced back, pushing ADA/USD to a new low of $2.30
- The climb above the previous high of $2.30 yesterday sparked a primary bullish signal, indicating a reversal in market momentum.
The overall cryptocurrency market traded with mixed results over the last 24 hours. The Flagship currency, Bitcoin, breached its 60K mark. On the other hand, Ethereum also managed to regain its uptrend and show another bull run.
The ADA/USD currency pair is presently trading at $2.1, down roughly 13% on the week after a substantial increase of around recently. Given that the upside was rejected yesterday after a brief jump above $2.30, Cardano price research shows that this rejection will result in a negative trend.
For weeks, the price of Cardano has been in a downward trend. However, a higher low at the end of September, indicating that bullish momentum was growing.
Following that, the market rebounded upward on October 1st, driving ADA/USD to a new low of $2.30. This price activity implies that the market is trading in a tighter range now.
ADA consolidated after a fall to $2.15, when it made another higher low. A technical bullish signal was triggered by yesterday’s rise above the previous high of $2.30, signalling that market momentum has turned positive once more.
Popular crypto Youtuber Ben Armstrong in his recent Youtube session, discussed a bullish scenario for ADA. In a tweet that followed, he believes ADA will hit the $15-20 range at the end of this bull cycle.