Cardano Price Analysis: ADA retraces to $2.55, swift reversal to follow?

TL;DR Breakdown Cardano price analysis is bullish for today.ADA/USD continued to retrace overnight.Support was found at $2.55 earlier today. Cardano price analysis is bullish for today as the market retraced to the $2.55 support overnight and currently rejects further downside. Therefore, we expect ADA/USD to reverse later today and look to regain some of the loss seen earlier this week. Cryptocurrency heat map. Source: Coin360 The cryptocurrency market traded with mixed results over the last 24 hours. Bitcoin is down by 0.79 percent, while Ethereum remains flat. Cardano (ADA) is among the worst performers, with a loss of 1.39 percent. Cardano price movement in the last 24 hours: Cardano continued to retrace overnight ADA/USD traded in a range of $2.53 – $2.80, indicating mild volatility over the last 24 hours. Trading volume has decreased by 24.96 percent and totals $6.93 billion. Meanwhile, the total market capitalization trades around $83.26 billion, resulting in a market rank of 3rd place. ADA/USD 4-hour chart: ADA set to reverse? On the 4-hour chart, we can see the Cardano price finding support at the $2.55 mark after a retracement overnight. ADA/USD 4-hour chart. Source: TradingView Cardano price action has seen a rapid advance over the past month. After establishing a new swing low above the $1 mark, ADA/USD rallied by almost 200 percent, with the last swing high set below the $3 mark.  What followed was...