Cardano (ADA/USD) Price action seems to generally oscillate between $0.65 and $0.55. Furthermore, in shorter time frames the price action seems to respect this narrow range.
ADA Price Data:
ADA Current Price: $0.585
ADA Market Cap: $20.1 Billion
Circulating Supply: 33.3 Billion
Total Supply: 34.4 Billion
Support: $0.395, $0.585, $0.739
Resistance: $1.190, $1.245, $1.490
ADA/USD began its sideways trend, with a narrow range of $0.650 -$0.550. The crypto has been trading in this pattern for quite some time now. However, on longer time frames the range support was broken only for the price action to return into the specified range.
Cardano Price Prediction: ADA/USD Appears Not Ready for a Price Rally
Looking at the ADA/USD 4-hour chart, we can perceive that the price action crossed the 9-days and 21- days MA very quickly downwards. Also, the price action is already attempting to cross the MAs to the upside. With much testing of the range boundary recently, we can assume that any developing trends might be weak. Consequently, this is presenting not much of a trading opportunity.
Cardano Price Prediction: Perhaps a Ray of Hope for ADA/USD
Furthermore, considering the 1-hour chart, it appears as if a stronger uptrend is at hand. Also, considering the width of the EMAs of the MACD we might hope that this uptrend will bring the ADA/USD price to test the range upper boundary, and possibly break out of it. Consequently, this may see the price of ADA/USD getting to $0.60, $0.64 and $0.66 and beyond.
In addition, the 9 and 21-days MA is about to cross each other below the price action; on the chart. From this, we can assume that the brewing ADA/USD price rally will be stronger.
Conclusion For the most part, It appears that the ADA market is in favor of short-term traders over long term-traders. However, early detection of upcoming trends is crucial to Profit from the ADA/USD market.
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