Cardano price analysis: ADA continues holding above $1, break higher incoming?

TL;DR Breakdown

• Cardano price analysis is bullish today.
• ADA/USD still respects $1 support.
• Closest resistance at $1.15.

Cardano price analysis is bullish today as we expect another test for the $1.15 mark after consolidation at the $1 mark over the last days. Likely ADA/USD has gathered enough momentum to push higher again over the next hours.

The crypto market has seen bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, have gained 1.91 and 2.48 percent, respectively. Meanwhile, Cardano (ADA) has declined by around 0.5 percent.

Cardano price movement in the last 24 hours: Cardano consolidated above $1

ADA/USD traded in a range of $1.01 – $1.07, indicating strong volatility over the last 24 hours. Trading volume has declined by 22.53 percent, totaling $1.1 billion. Meanwhile, the total market cap trades around $35.8 billion, ranking the coin in 6th place overall.

ADA/USD 4-hour chart: ADA looks to break higher?

On the 4-hour chart, we can see the Cardano price starting to advance this morning, potentially looking to break the $1.15 resistance by the end of the day.

Cardano price has seen reduced volatility so far this week. After new support was found around the $1 mark last week, ADA/USD has started to consolidate with no clear direction for now.

Resistance at $1.15 was retested on Wednesday, indicating an upper boundary of consolidation range. Therefore, if we expect more upside from Cardano, this level needs to be broken first.

The Cardano price saw further consolidation above the $1 mark yesterday, with no apparent attempts to break any lower. Likely, ADA/USD is ready to push higher again from this consolidation and look to break the $1.15 mark over the next 24 hours. If the resistance is broken, we expect a little more upside to follow next week.

Cardano price analysis: Conclusion 

Cardano price analysis is bullish today as we have seen strong consolidation above the $1 mark over the last 24 hours and slight bullish momentum this morning. Therefore, ADA/USD is likely ready to make another attempt at breaking the $1.15 resistance. 

While waiting for Cardano to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.