Cardano Price Analysis: ADA Unable to Escape Trading Range, Will $0.5 Break?

After more than a month, ADA is still found in a flat trend, unable to break away.

Key Support levels: $0.45, $0.38 

Key Resistance levels: $0.45, $0.55

Despite several attempts from ADA to leave the current range, bulls and bears were unable to break away in any direction. With strong support at $0.45 and resistance at $0.55, Cardano’s price continues to move sideways with very little volatility in the past few days. For this reason, the price has remained close to half a dollar since May.

Chart by TradingView

Technical Indicators

Trading Volume: The volume is decreasing, and the buying pressure over the weekend was lacking. Today, the volume was not much different with low interest from buyers.

RSI: Similarly to the price, the daily RSI is flat and is moving sideways just under 50 points. This places ADA in a neutral position.

MACD: The daily MACD is bullish and the histogram is making higher highs. While this is a positive sign, there is insufficient volume to make this count.

Chart by TradingView

Bias

The bias for ADA is neutral.

Short-Term Prediction for ADA Price

ADA has been consolidating in this range around half a dollar for over a month. Usually, when a cryptocurrency consolidates for a long period, it means market participants are accumulating or sitting on the sidelines.

Read More?

Post is imported from RSS feed, by one of our guest editors. G6 does not edit or moderate the content. G6 is not responsible for your actions. No rights owned by G6. To remove the post, please email us at [email protected]

No Comments

Sorry, the comment form is closed at this time.