Cardano price analysis is bullish today as we have seen retrace and local higher low currently set at the $0.435 support. Therefore, ADA/USD is ready to continue higher and look to break even further several-day highs.
Cryptocurrency heat map. Source: Coin360
The market has seen slight bearish momentum over the last 24 hours. The leader, Bitcoin, lost 1.2 percent, while Ethereum by 2.35 percent. Meanwhile, the rest of the top altcoins have traded with similar results.
Cardano price movement in the last 24 hours: Cardano sets local high at $0.45
ADA/USD traded in a range of $0.4454 to $0.4707, indicating substantial volatility over the last 24 hours. Trading volume has declined by 6.12 percent, totaling $723.6 million, while the total market cap trades around $15.2 billion, ranking the coin in 8th place overall.
ADA/USD 4-hour chart: ADA looks to continue higher?
On the 4-hour chart, we can see the Cardano price action retracing and setting a higher local low at the $0.435 mark. Therefore, if further downside does not follow, we expect ADA/USD to continue even higher and look to reach the next resistance levels.
ADA/USD 4-hour chart. Source: TradingView
Cardano price action has seen a steady decline from the previous high at $0.50 at the end of June. After a retracement of over 16 percent, a new low was found at the $0.42 mark.
Laster last week, consolidation followed, indicating that reversal is likely to come. Yesterday, the consolidation was finally broken, leading ADA/USD to spike above $0.45.
However, Further upside could not yet be reached, as another reaction lower and retest of the local high followed. From there, Cardano price quickly retraced again to the $0.435 support, where the local high was set.
Cardano price analysis: Conclusion
Cardano price analysis is bullish today as we have seen previous consolidation broken and a new high set at the $0.45 mark. From there, ADA/USD retraced rather quickly and set a higher low, likely as bulls prepare for another push higher.