Cardano Price Analysis: The Calm Before the Storm, ADA’s Breakout Imminent?
Cardano (ADA) has been consolidating inside a tight range for a while, but it appears that a possible breakout is likely incoming over the next few days.
Key Support levels: $1, $0.92
Key Resistance levels: $1.1, $1.2
ADA has been moving between the key support at $1 and the resistance at $1.1 over the past week, unable to break free. Last Wednesday, there was an attempt to move above the key resistance, but sellers pushed ADA back to the consolidation range.
At the time of this writing, the price action continues its consolidation on low volume (probably due to the weekend), which may anticipate a major move in the coming week.
Technical Indicators
Trading Volume: Volume has been declining since the sell-off, and now both the volatility and volume are minimal. This usually precedes a major move.
RSI: The daily RSI attempts to move higher but lacks momentum. The bulls will hope that the new week will provide the push ADA needs to break away from the current range.
MACD: The daily MACD remains bearish, but the histogram and moving averages are curving up. With a bit of luck, ADA may successfully break the resistance which can propel price rally.
Bias
The current bias is neutral. ADA needs to break out from the existing range to change this bias and gets its next direction.
Short-Term Prediction for ADA Price
The current consolidation signals a quiet period for ADA with low volatility. The range between $1 and $1.1 is very tight and the price will eventually break away, likely over the next few days. Therefore, expect ADA to make a significant move in the coming week as bears and bulls battle for dominance.
OhNoRipple via https://www.ohnocrypto.com/ @Duo Nine, @Khareem Sudlow