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ADA Price Analysis: Cardano Bulls Seems Exhausted as its Trading Sideways

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ADA Price Cardano
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  • After a sharp bullish momentum, Cardano’s price seems exhausted on the higher levels indicating the consolidation phase.
  • The coin is trading sideways on the higher while holding 100 and 200-DMA. It slipped below the short term moving averages of 20 and 50-Day 
  • The pair of ADA/BTC is also performing well with intraday gains of +5.36%, standing at 0.00002267 BTC
Source:tradingview

Cardano price over the monthly chart is consolidating at the higher levels; after testing the $1.56, it continuously trades under pressure. However, a bullish reversal candle is observed near the 50-DMA line. Now it is trading above 50-DMA, but still, 20-DMA seems to be a hurdle. 

The significant caution for the bulls is volume, as the volume over the monthly chart is gradually decreasing concerning time. While talking about necessary support on the lower side is situated at $1.10 and $0.92. Similarly, resistance on the higher side is $1.56 and $1.75

Source:tradingview

Cardano price over the 4-hour time frame has broken out from the triangle pattern, but the volume does not support further bullish momentum. Similarly, the indicators indicate sideways trends for some days. Now the major thing to look at is volume. 

Support on the lower side for a shorter-term time frame is $1.35 and $1.20. In comparison, resistance on the higher side is situated at $1.40 and $1,56. Currently, ADA is trading at the price level of $1.27 with intraday gains of +8.06%, and volume in the last 24-hour period of time dropped nearly -22.25%, standing at $4,397,067,294. 

Relative Strength Index (NEUTRAL) indicates neutral momentum while trading at 50.62. However, after testing the oversold zone, LTC recovered gradually, but the momentum is missing, and a sideways trend is expected. 

Moving Average Convergence Divergence (NEUTRAL) currently indicates a bullish trend on the daily chart, as it is trading with the significance of the buyer’s signal line (green) over the seller’s line (red). However, now profit-taking and correction are expected. 

Support levels: $1.10 and $0.92 

Resistance levels: $1.56 and $1.75.  

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