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.
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.
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.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.