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- Cardano price is sideways inside the descending parallel channel over the daily price chart.
- The crypto asset is trying to recover till 20 EMA and is preparing for 50, 100, and 200-days Daily Moving Average.
- The pair of ADA/BTC is at 0.000023 BTC with an intraday gain of 1.10%.
Cardano price is trying to recover itself from the consolidation phase as it went into a consolidation phase while being into the descending parallel channel. The token is trying to gain support from the bulls as it is surging towards the upper trendline of the consolidation phase. ADA coin must keep up the steady uptrend momentum to escape the horizontal-range-bound area and then the descending channel over the daily price chart. ADA investors have been waiting for so long for the recovery of the token. The token struggles to recover itself back to $1.00 and is trying hard to attract a significant amount of buyers to register its breakout. However, this time the token looks determined to break out of the consolidation phase.
Cardano’s price is presently at $0.49 and has gained 1.76% of its market capitalization in the last 24-hour period. However, trading volume has decreased by 2.32% in the intraday trading session. This shows that ADA coin faces short-selling pressure over the daily price chart. Volume to market cap ratio is 0.04839.
ADA coin price is trying to esca[pe the descending channel over the daily price chart. However, to escape the channel the token first needs to escape the horizontal range-bound area over the daily price chart. ADA coin has been trading with sideways momentum inside a horizontal range-bound area and is trying to surge towards the upper trendline to register its breakout. ADA coin is currently trading with strong uptrend momentum to surge towards the upper range of the horizontal range-bound area. However, volume change can be seen below average and needs to grow for ADA to register its breakout.
When will ADA escape Consolidating?
ADA coin price is preparing for its breakout from the consolidation phase. However, ADA still needs to accumulate more buyers because volume is still low and bears may try to interrupt the token’s uptrend momentum. Technical indicators suggest the uptrend momentum of the ADA coin. Moreover, supertrend showcases the bearish momentum of ADA inside the descending channel over the daily chart. Relative Strength Index forecasts the current uptrend momentum of ADA coin. RSI is at 46 and is trying to break out from neutrality towards the overbought territory.
MACD exhibits the bullish momentum of ADA coin. The MACD line is ahead of the signal line after a positive crossover.
Conclusion
Cardano price is trying to recover itself from the consolidation phase as it went into a consolidation phase while being into the descending parallel channel. The token is trying to gain support from the bulls as it is surging towards the upper trendline of the consolidation phase. ADA coin is currently trading with strong uptrend momentum to surge towards the upper range of the horizontal range-bound area. However, volume change can be seen below average and needs to grow for ADA to register its breakout. Technical indicators suggest the uptrend momentum of the ADA coin. RSI is at 46 and is trying to break out from neutrality towards the overbought territory.
Technical Levels
Support Levels: $0.45 and $0.40
Resistance Levels: $0.55 and $0.66
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
