The overall crypto market has been showing mixed signals over the past 24 hours. Bitcoin, the main currency, managed to rise above $54K, while Ethereum gained 2.98%. The price of Cardano remains a sleeping giant without major fluctuations. Meanwhile, Shiba Inu Price is still the best performer, with gains of over 70%.
When will Cardano’s price bounce back?
With moderate fluctuations over the past 24 hours, ADA prices have been trading in the range of $2.17 – $2.26, with a volume of $2.19 billion, while the total market capitalization is trading around $69.8 billion, ranking fourth.
After sideways consolidation over the past 24 hours, Cardano price is showing signs of trying to push the price higher. According to the chart, the bullish market remains intact until Cardano price remains above $2.05. If the altcoin clears the trend resistance at $2.4, the rally should extend towards $2.56. In this case, if the ADA/USD clears $2.51, we can expect a massive rally up to the new ATH.
The bullish breakout will be confirmed if the ADA/USDT successfully moves above the descending trend line. In this case, the altcoin price will test the $2.50 resistance with a 15% rally.
Conversely, if Cardano price loses trend support at $2.05, the next stop will be at $1.88. Moreover, a deeper sell-off may target the $1.66 level.
However, traders need to keep an eye on the resistance levels at $2.38 and $2.57 and the support levels at $2.00 and $1.92. Overall, we expect ADA/USD to rise and return above the nearest resistance of $2.5 by mid-October.
