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.
Cryptocurrency heat map. Source: Coin360
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.
ADA/USD 4-hour chart. Source: TradingView
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.