Cardano (ADA) is in a consolidation phase after volatile movements, leaving traders uncertain. Let's examine the price action and indicators.
Current Cardano Price Range Analysis
ADA is trading within a $0.70-$0.80 range, indicating consolidation. Historically, such periods often precede significant price movements. The Relative Strength Index (RSI) at 44.95 suggests neutral-bearish sentiment. The MACD line is slightly below the signal line, showing a lack of strong bullish momentum.
Can ADA Hold Above the $0.70 Support Level?
The $0.70 level serves as a strong support zone. If selling pressure intensifies and ADA falls below $0.70, the next major support is at $0.65. Traders should watch trading volume as a lack of interest could restrict upward movement.
Key Resistance Levels for ADA
For a bullish breakout, ADA must clear the $0.80 resistance. A successful breakout could lead to a rise toward $0.90 and $1.00. Breaking above $1.00 could attract more buyers, with potential gains to $1.20.
Cardano's price action is bounded by $0.70 support and $0.80 resistance. A breakout above resistance could lead to $1.00, while a drop below $0.70 might push the price to $0.65 or $0.60.
