The overall crypto market showed mixed signals over the last 24 hours. The flagship currency, Bitcoin has managed to surge above $54K, while Ethereum was up by 2.98%. Cardano price is still a sleeping giant with no major fluctuations. Meanwhile, Shiba Inu Price continues to be the best performer, with a gain of more than 70%.
When Will Cardano Price Bounce Back ?
With mild volatility over the last 24 hours, ADA prices traded in a range of $2.17 – $2.26.Trading volume has hit $2.19 billion, while the total market cap trades around $69.8 billion, ranking 4th place.
After consolidating sideways for the past 24 hours, cardano price showed signs of attempting to push the price higher. As per the chart, the bull market remains intact until Cardano price stays above $2.05. In case if the altcoin clears the trend resistance at $2.4, the rally should extend towards $2.56. In the event, if ADA/USD clears $2.51 we can expect a massive upswing hitting new ATH.
A bullish breakout will be confirmed if the ADA/USDT successfully moves above the descending trendline. In this case, the altcoin price will test the $2.50 resistance level with a 15% surge.
On the contrary, if Cardano’s price loses trend support at $2.05, the next stop is at $1.88. Furthermore, a deeper selloff could target the $1.66 level.
However, traders need to watch the resistance levels at $2.38 and $2.57 and Support levels at $2.00 and $1.92. Overall, We expect ADA/USD to push higher and return above the $2.5 closest resistance by mid-october.