Cardano Price Analysis: ADA/USD stuck at $2.5 price barrier, will bulls retest $2.0?

TL;DR Breakdown

• Today, Cardano price analysis is bullish
• ADA/USD 24-hour chart indicates a daily trading range of $2.44 – $2.63.
• As of this writing, ADA/USD is trading at $2.55. 

Today, Cardano price analysis is bullish after undergoing a 5 percent upswing overnight and crossing the $2.5 mark. The bulls are hotly pursuing the $2.9 barrier once again as they attempt to break above $3.0. We expect Cardano to rise in the next 24-hours as the bulls prepare to spike above the intraday high at $2.63. 

The overall cryptocurrency market is trading with mixed signals, with Bitcoin almost flat with a measly gain of 0.68 percent and Ethereum losing approximately 1.67 percent. Traders are hoping the technical charts will recover as we enter into the weekend. The bulls are optimistic that more buyers will come in and be able to push the balance of power to their advantage. 

Cardano 24-hour price movement: Dropping market cap

Cardano price analysis on the 24-hour chart indicates a daily trading range of $2.44 – $2.63. A pretty tight range suggests less volatility across the trading chart. The bulls are warming up for the Alonzo upgrade, which is set to launch on September 12, just two days from now. Cardano’s daily trading volume witnessed a plummet on Thursday night by 29 percent to a total of $5.52 billion. The drop could be attributed to the bearish structure that engulfed the market between Wednesday and Thursday. As of this writing, Cardano’s market capitalization is trading at $80.08 billion, ranking the coin at position #3 overall. 

Cardano 4-hour price analysis: Preparing to breach $2.60

ADA/USD is attempting to break away from the $2.50 resistance level on our 4-hour Cardano price analysis. The coin spiked briefly to the $2.63 region in the early trading session before correcting to a lower mark around $2.44. 

ADA/USD 4-hour chart by TradingView

For several weeks now, Cardano has traded bullishly since the 20th July swing low of $1. The coin has already witnessed approximately 150 percent in growth to its September swing high. 

On Wednesday, the coin saw a bearish trendline when it dropped to the $2.300 mark, a signal that the bulls were somewhat becoming exhausted due to take profit traders around the $2.9 mark. 

As of this writing, ADA/USD is trading at $2.55. We expect the price of the coin to rise in the next 24-hours and set a higher daily high. 

Cardano price analysis conclusion

The 24-hour Cardano price analysis suggests positive signals for the upcoming sessions. Bulls seem prepared for a breakout, while the bears engage buyers on a tug fight to defend the $2.5 price barrier. Nonetheless, we are expecting the price of Cardano to continue rising on the 24-hour session as buyers focus their effort on retesting $2.8. While waiting for a positive change on the price of ADA/USD, read some of our posts on NFTs, DeFi, and the Metaverse. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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