Cardano price analysis: ADA sets higher low, ready to break $0.92 previous high?

TL;DR Breakdown

• Cardano price analysis is bullish today.
• ADA/USD saw a new higher low set at $0.87 yesterday.
• Bullish momentum has been strong over the last hours.

Cardano price analysis is bullish today as we can see another push higher towards the $0.92 local high. Given the bullish momentum, ADA/USD should see further upside reached soon and continue the several-day rally seen begin last week.

The market has moved mostly in the green over the last 24 hours. The leader, Bitcoin, lost 0.51 percent, while Ethereum was up by 3.31 percent. Cardano (ADA) saw a more impressive 3.76 percent return and is one of the top performers for the day.

Cardano price movement in the last 24 hours: Cardano returns towards previous high

ADA/USD traded in a range of $0.8657 – $0.9053, indicating substantial volatility over the last 24 hours. Trading volume has declined by 10.33 percent, totaling $1 billion, while the total market cap trades around $30.44 billion, resulting in a market rank of 8th place.

ADA/USD 4-hour chart: ADA looks to break $0.92

On the 4-hour chart, we can see the Cardano price currently rapidly moving higher, likely leading to break higher by the end fo the day.

Cardano price action saw a strong rally last week as the 0.79 support slowly reversed the market earlier. After several days of consolidation in a narrow range, ADA/USD saw the first push higher on the 16th of March.

Resistance at $0.85 initially prevented further upside leading to slight retracement and a higher low set at $0.82. Bullish momentum intensified, quickly leading to a new high set at $0.92 by the second half of Saturday.

Yesterday, retracement took the Cardano price lower. The $0.87 mark offered support, meaning another higher low was set to continue higher from. 

Today, ADA/USD has continued to rally and currently looks to push past the $0.92 previous high. Therefore, we should soon see further higher highs set as the market continues its way towards the previous major swing high at $1.

Cardano price analysis: Conclusion 

Cardano price analysis is bullish today as we have seen another higher low set yesterday and more upside pressure since morning. Therefore, we assume ADA/USD is headed to break the $0.92 mark and set further local highs from there.

While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.