Cardano Price Analysis: Cardano comes nearer to the $1.5 resistance level, high chances of recovery
- The weekend saw the cryptocurrency market suffer a bloodbath following a drop in price.
- Today’s Cardano price analysis is bullish as the coin is trading in sync with the BTC market
- Today’s Cardano price range is between $1.418 and $1.476.
The weekend saw the cryptocurrency market suffer a bloodbath following a drop in price. The market leader Bitcoin retested the $41K zone while the majority of the altcoins recorded lower highs. However, data indicates that traders did endure the rapid drop in prices despite the total crypto market cap shedding 12.7 percent.
Today’s Cardano price analysis is bullish as the coin is trading in sync with the BTC market. The ADA/USD pair gained over 5.2 percent in the last 24-hours, resulting in an intraday high of $1.476. Hence, we are anticipating the cryptocurrency market to record further highs in the course of the day.
Updates from the daily Coin360 heatmap shows the entire cryptocurrency market is trading in the green zone. Bitcoin and Ethereum have gained 3.61 and 4.23 percent respectively. Avalanche and Binance Coin are the best gainers with a 24-hour positive change of 9.71 and 7.67 percent respectively.
Cardano Price Movement in the Last 24-hours: Mild volatility
Today’s Cardano price range is between $1.418 and $1.476. The range is tight, serving as a sign of mild market volatility. The current price is an extension of the 20-day EMA, which is a good sign. The only problem being the diminishing demand as the price goes high above the December 4 high of $1.18.
Meanwhile, the trading volume dropped by 11.24 percent since yesterday while the total market capitalization for the coin improved by 4.66 percent. According to Coin Market Cap, Cardano has an overall rank of #6 among the top 10 cryptocurrencies by market value.
The 4-hour Cardano price chart shows the price action is almost breaking below $1.44 and has already tested $1.433. There are chances of Cardano heading back to the daily low of $1.418. However, owing to the current bullish situation, the coin could consolidate strength at that point and dash forward towards the $1.5 resistance.
Cardano price has seen a steady decline over the past weeks from the last major swing high at $2.375. After reaching a new low last weekend at $1.42, ADA/USD had effectively retraced 40 percent.
At the beginning of this week, a consolidation around $1.60 followed until a quick spike higher on Thursday took the market to the previous local high at $1.76. From there, ADA quickly reversed, starting to push lower with increasing momentum.
The Cardano price has spiked to the $1.20 mark by the beginning of Sunday, setting a strong lower low. Market quickly recovered around 20 percent during the day, leading to the current bearish momentum slowly regaining control below the $1.445 mark.
Cardano price analysis conclusion
Cardano price is bullish today after recording an increase in price by 5.21 percent since yesterday. The bears have lost their grip after overwhelming the entire market since the start of the week. We are anticipating the bulls to keep going and record further upsides in the course of the day.
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