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.
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.
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.
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Cryptocurrency charts by TradingView.
