Cardano price analysis reveals that it denied the upside yesterday after a brief rise above $2.30. On October 1st, the market recovered, sending the ADA/USD to a new low of $2.30. Yesterday’s rise above the previous high of $2.30 triggered a primary bullish signal, indicating a reversal in market momentum.
Over the last 24 hours, the cryptocurrency market as a whole has seen mixed results. Bitcoin, the flagship currency, has surpassed the $60,000 mark. Ethereum, on the other hand, was able to re-establish its uptrend and stage another bull run.
The ADA/USD currency pair is currently trading at $2.1, down roughly 13% on the week following a significant increase of around recently. Given that the upside was rejected yesterday following a brief rise above $2.30, Cardano price research indicates that this rejection will result in a negative trend.
Cardano’s price has been falling for several weeks. A higher low at the end of September, on the other hand, indicated that bullish momentum was building.
Following that, the market rose on October 1st, pushing the ADA/USD to a new low of $2.30. This price movement indicates that the market is now trading in a narrower range.
ADA consolidated after falling to $2.15, when it set a new high. Yesterday’s rise above the previous high of $2.30 triggered a technical bullish signal, indicating that market momentum has shifted back to positive.
In a recent YouTube session, popular crypto Youtuber Ben Armstrong discussed a bullish scenario for ADA. In a subsequent tweet, he stated that he believes ADA will end up in the $15-20 range at the end of this bull cycle.