Cardano (ADA) has been consolidating inside a tight range for some time, but it looks like a possible breakout is likely to occur over the next few days.
Main levels of support: $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.
As of this writing, price action continues to consolidate on low volume (likely due to the weekend), which may anticipate a major move in the week ahead.
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.
IRS: The daily RSI is trying to move up but lacks momentum. The bulls are hoping the new week will provide the boost ADA needs to break out of 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 of the existing range to change this bias and take 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.
