Cardano Price Analysis: ADA still holds above $2.46, slow reversal to follow?

TL;DR Breakdown Cardano price analysis is bullish for today.ADA/USD continued to retrace yesterday.Cardano still holds above $2.46 support. Cardano price analysis is bullish today as the market respected the $2.46 support over the last 24 hours after a strong decline yesterday. Therefore, we expect ADA/USD to regain some of the loss later today and prepare for another rally higher. Cryptocurrency heat map. Source: Coin360 The cryptocurrency market traded with a slight bullish momentum over the last 24 hours. The market leader, Bitcoin, is up by 0.77 percent, while Ethereum is up by 0.53 percent. Solana (SOL) is the best performer, with a gain of more than 21 percent. Cardano price movement in the last 24 hours: Cardano retraces to $2.46 previous all-time high resistance ADA/USD traded in a range of $2.47 – $2.64, indicating low volatility over the last 24 hours. Trading volume has dropped by 12.16 percent and totals $6 billion, while the total market cap trades around $84 billion, ranking the coin in 3rd place overall. ADA/USD 4-hour chart: ADA set to rally? On the 4-hour chart, we can see the Cardano price establishing a base around $2.46 support, which should lead to another rally later today. ADA/USD 4-hour chart. Source: TradingView Overall, the Cardano price action has seen a substantial advance over the past month. After setting a new swing low around $1.02 on the 20th of July, ADA/USD rallied by more than 190...