Cardano breaks above $1.65 resistance and reaches $1.790, a two-month high.

August 11, 2021
Cardano breaks above $1.65 resistance and reaches $1.790, a two-month high.

On the 24-hour chart, Cardano price analysis is bullish today.

The total market capitalization of the cryptocurrency market is $1.9 trillion.

The ADA/USD trading pair is now trading at $1.7690 as of this writing.

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Cardano Price Analysis: A Look at the Big Picture

On the 24-hour chart, Cardano price analysis is positive today, after an upsurge from the opening price of $1.6700 to a 2-month high above $1.7000.

The ADA/USDT pair hit an all-time high of $2.50 on May 16th, a price that coincided with the market leader BTC's downward turning point.

Tighter regulatory monitoring in China, as well as the ensuing exit of Chinese miners, may have sparked May's crypto slaughter.

The market, on the other hand, appears to be responding to the challenging situation and finding ways to counteract the bearish influences that have been plaguing the altcoin market for weeks.

For the last three weeks, Cardano has risen by at least 57 percent.

Since July 19, the cryptocurrency market has continued to produce record increases; the gains have accelerated since early August, with total capitalization approaching $2 trillion.

At the time of writing, the total market capitalization of the cryptocurrency market was $1.9 trillion, the highest level since May.

Despite this, the global market capitalization is still about $700 billion lower than the all-time high of $2.5 trillion set on May 11.

Cardano's price has risen and fallen in the previous 24 hours.

The ADA/USDT pair began the day at $1.6700 and subsequently increased to a day high of $1.7956.

This price rise is sufficient evidence of the bulls' desire to break over the $1.60 price barrier, which has been a stumbling block for purchasers since May.

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The daily range and Bollinger bands have also been moderately increased.

Average volatility is a good sign.

Trading volumes have increased by 148 percent over yesterday's figures, indicating increased trading activity; volumes have now reached $4 billion.

In addition, Cardano's market value increased by 22% in the last 24 hours to $57 billion.

Cardano is rated fifth among the top ten cryptos by market capitalization, according to CoinmarketCap.

Cardano price forecast for the next four hours

A bearish downturn can be seen on the 4-hour Cardano price analysis chart, stretching from the daily high of $1.79 to $1.760.

Cardano's price has already broken below the middle Bollinger line, indicating that it is going for the lower band.

In the short term, this indicates a negative sign.

Meanwhile, on the 1-hour chart, the bands are widening, signaling the prospect of increasing trading activity.

Meanwhile, the bulls are unlikely to give up, preferring to entice more buyers around $1.70 in order to maintain their bullish narrative.

At $1.79, resistance has increased, keeping the bulls from crossing above $1.80.

The ADA/USD trading pair is now trading at $1.7690 as of this writing.

Conclusion of the Cardano price analysis

We may expect more from Cardano when the cryptocurrency market shifts in favor of the bulls.

Cardano price analysis for today is optimistic, and it will remain thus for the next 24 hours.

Sellers are finding it difficult to overcome rising bullish pressures, and the scalability currency is almost guaranteed to reclaim its all-time high in the next days.

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