Cardano Price Analysis: ADA reverses from $1.3 support again, more upside to follow?

TL;DR Breakdown

• Cardano price analysis is bullish today.
• ADA/USD retested $1.30 support overnight.
• Closest resistance at $1.38.

Cardano price analysis is bullish today as we have seen the $1.30 support reverse the market again overnight. Likely ADA/USD is headed for another test of the $1.38 resistance late today.

The market overall has seen bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, are both in the green, with a gain of 0.55 and 1.43 percent. Meanwhile, Cardano (ADA) is up by 1.68 percent.

Cardano price movement in the last 24 hours: Cardano retests $1.30 before heading higher

ADA/USD traded in a range of $1.31 – $1.35, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 7.82 percent, totaling $972.9 billion. Meanwhile, the total market cap trades around $45.1 billion, ranking the coin in 6th place overall.

ADA/USD 4-hour chart: ADA looks to break $1.38 resistance?

On the 4-hour chart, we can see the Cardano price moving higher again, likely as bulls look to retest the $1.38 resistance.

Cardano price action has stabilized over the past days after declining by almost 20 percent last week. Support at $1.30 was initially found on the 30th of December, with several retests since.

Additionally, resistance was found at $1.38 shortly after, which also has been retested since. Therefore, ADA/USD has formed a consolidation range, which, when broken, will indicate where the market is headed next.

After Cardano price reversed from the $1.30 support again yesterday, we expect bulls to push the market higher. However, whether ADA/USD can break above the $1.38 is yet to be seen.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish today as we expect more upside to follow over the next 24 hours after another retest of the $1.3 support reversed the market. Potentially, ADA/USD is now ready to break the $1.38 and regain the loss seen last week.

While waiting for Cardano to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.