Home Cryptocurrency Cardano Price Analysis: ADA spikes above $1.50 major resistance, targets $1.60 next?

Cardano Price Analysis: ADA spikes above $1.50 major resistance, targets $1.60 next?

by Serge Shlykov

Cardano is one of the rising stars in the cryptocurrency space. It’s a project that has been out of the spotlight for a short while, but now it is back, and prices have been moving higher ever since. In the last 24 hours, we have seen a strong rally, which has pushed ADA to above $1.50.

The cryptocurrency market seems to be in a constant state of volatility, with prices in a range that goes from $0.01 to $500. But one cryptocurrency is showing impressive gains, outshining all the rest: Cardano. This blockchain platform has been surging over the last two weeks, rising from as low as $0.85 a few weeks ago to the current price of $1.54.

Cardano (ADA) has been on the run for the past few days, surging above $1.50, and holding above the $1.50 support level. This looks like a breakout above the $1.40 support level, which is a bearish sign. In the coming sessions, ADA is likely to face strong resistance at $1.60, which is the next major resistance level. If ADA can break above $1.60, it may extend the gains further above the $2.00 resistance level.. Read more about cardano price prediction and let us know what you think.

TL;DR Summary

  • Early yesterday, ADA made a higher bottom, at $1.40.
  • Overnight, Cardano was put to the test against $1.50 resistance.
  • Earlier afternoon, the ADA/USD pair went over $1.50.

The Cardano price analysis for today is positive, as prior significant resistance was broken earlier today, and bulls continue to drive the market higher with strong momentum. As a result, we anticipate ADA/USD to test $1.60 resistance later today and then retreat.

Heat map of cryptocurrencies. Coin360 is the source of this information.

Over the past 24 hours, the cryptocurrency market has had mixed outcomes. Bitcoin, the market leader, is down 1.15 percent, while Ethereum is unchanged. With a gain of approximately 7%, Cardano (ADA) is one among the top performers.

Cardano’s price has surged past $1.50 resistance in the previous 24 hours.

Over the past 24 hours, ADA/USD has traded in a range of $1.45 to $1.56, showing high volatility. The overall amount of trading has risen by 12.27 percent to $2.15 billion. Meanwhile, the entire market value of the cryptocurrency is approximately $50 billion, putting it in fifth position worldwide.

ADA/USD 4-hour chart: Is $1.60 next for ADA?

On the 4-hour chart, the Cardano price is continuing to rise toward the $1.60 barrier level, where a reversal may occur later today.

Cardano Price Analysis: ADA spikes above $1.50 major resistance, targets $1.60 next? 4-hour chart of the ADA/USD currency pair. TradingView is the source of this information.

Cardano’s price has risen significantly in recent weeks, after the establishment of a somewhat higher swing low around $1.02 on July 20th. From the support, ADA/USD surged more than 45 percent to the previous swing high of $1.50.

ADA initially resisted additional gains, leading in a weekend pullback down to the $1.40 level. However, the market price immediately rebounded and attempted to break over the $1.50 barrier again yesterday.

Cardano price movement suddenly surged up early today after a short inability to go higher overnight, and quickly moved to the $1.60 barrier next. This price movement suggests that bulls are still in charge, and we may anticipate further gains later this week. However, once the $1.60 level is hit later today, we may expect a minor pullback.

Conclusion of the Cardano Price Analysis 

The Cardano price analysis for the next 24 hours is positive, as bulls continue to drive ADA higher after breaking past the $1.50 barrier. As a result, we anticipate ADA/USD to reach $1.60 later today before retracing to make a new higher bottom later this week.

Read our articles on Bitcoin transaction fees, Physical Bitcoin, and Proof of Stake versus Proof of Work while you wait for Litecoin to go forward.

Disclaimer. The information given is not intended to be used as trading advice. .com is not responsible for any investments made as a result of the information on this website. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

Cardano is the third cryptocurrency following Bitcoin and Ethereum to create a platform that is based on blockchain technology. It is good to see Cardano in third place, above Binance Coin and Tether. However, with Binance Coin holding an over $20 billion market cap, it is unlikely ADA will reach $1.60.. Read more about fiatleak xrp and let us know what you think.

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This article broadly covered the following related topics:

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  • cardano news
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