Cardano’s price has been consolidating for over a week now, with ADA continuing to trade near the $ 1 price. Despite the strong bullish momentum in the charts, ADA has had to endure an extended period of sideways movement lately.
At the time of writing, the cryptocurrency was trading at $ 0.91 with ADA recording a market cap of over $ 27 billion. Over the past 24 hours, not only did much of its bullish momentum wane, but market declines also appeared to reenter the market.
Cardano 1 day chart
According to its daily chart, the price of ADA lost all the momentum that fueled its bull run in the first week of February. The crypto price was observed to consolidate for over a week after failing to break its immediate resistance around ADA’s current ATH. This makes it difficult to predict in which direction the coin may move over the next few days. Therefore, it is unclear whether traders are likely to benefit from a short or a long position.
However, with the general market trend in mind, it is safe to say that in the coming week, if the coin fails to break through the resistance level, it will likely move towards its immediate support at 0, $ 76. The next level of strong support for ADA was around the $ 0.38 range, but such a drastic drop in price can be ruled out given market conditions.
ADA technical indicators seemed to signal a trend reversal. The RSI indicator was in the overbought zone. The same was true at the time of publication, indicating that the buyer’s market was turning into a seller’s market. The same is also inferred from the MACD. The indicator may soon experience a bearish cross as the Signal line continued to move towards the declining MACD line.
Despite Cardano’s promising performance at the start of the year, its crypto market seemed to lack bullish momentum to push the coin above the precious $ 1 bar and return its immediate resistance to support.
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