- Cardano (ADA) price traded near a 40 day high at the time of writing.
- ADA price still seems to be confined in the $0.40 to $0.53 range.
- The market cap of ADA coin has increased by 5% to $17.4 billion in the last 24 hours.
Cardano (ADA) token showed a bullish breakout a few days ago. But still the price of ADA seems to be confined in the horizontal range of $0.40 to $0.53. Buyers have made several attempts to push the price of the altcoin higher but each attempt has turned into a selling opportunity for the market sellers.
Recently, ADA price retested the 2022 low as well as the buyers’ hedge zone (bottom of the chart) before a sharp rally towards the resistance level of the horizontal range. Meanwhile, buyers again broke the recent $0.54 level while ADA price was trading at the $0.519 mark at the time of writing.
The range bound breakout is likely to breach as Cardano price has completed its retracement phase. As a result, the market cap of ADA coin is up 5% in the last 24-hours at $17.4 Billion in the last 24-hours.
The weekly price candlestick suggests strong recovery in Cardano coin, as its rose 15.8% as far this week. Moreover, the pair price of ADA coin along with Bitcoin is 6% at 0.00002286 Satoshis. Against the uptrend, the trading volume is decreasing gradually, so if buyers want to breach this level, they need to gather more buying force.
RSI Moves to the Upside
With the intention of breaking the 56 level, the Relative Strength Index entered a bullish trend. A break through this resistance could increase buying pressure in the immediate future.
Additionally, the MACD line closed above zero, confirming the waning power of the selling. A sustained sway over equilibrium might render the bearish trend worthless.
Conclusion
Cardano (ADA) current outlook is to break this resistance level of the horizontal range. But if trading volume remains low as it is now, buyers may struggle to push the price above this bullish barrier.
Support level – $0.4 and $0.30
Resistance level – $0.7 and $1.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
