Ada trade within a close range, in anticipation of an early great movement

Ada trade within a close range, in anticipation of an early great movement

cardano (ada) tries to get away from the descending channel marked on the following chart, which would bring its price into a range between the critical support ($ 2) and the resistance level ($ 2.4).

to ADA breaks out of this range, we can assume that the price will continue the volatile consolidation between these levels.

key support level: $ 2

key resistance level: 2.4

technical indicators

trading volume: The volume remains low, especially on weekends; However, the breakthrough over the descending channel followed a decent volume, which indicates that buyers still show great interest in ADA.

rsi: The RSI remains bear on a larger time frame (daily and weekly). In the weekly time frame, the RSI has formed lower highs since February 2021. This is bearish.

macd: macd was just going through a declining cross in the weekly time frame. This is not a positive sign for the bulls, as it can take at least two months for the price to absorb its upward trend compared to the recent weekly cross.
On the daily time frame, the MACD is relatively flat, which indicates that the price can consolidate for some time before a break in the specified span corresponds.

bias

Short-term Bärisch: Ada has a significant Bärische Divergence on the weekly time frame between price and RSI. During the price, higher highs passed, there was lower highs at the RSI (see below, the yellow arrows).

This indicates that buyers should currently be careful with regard to ADA/USD, especially when you consider that the MACD recorded a weekly declining cross of its sliding average.

until this is reversed, it is a bit difficult to stay optimistic at ADA at ADA.

As long as ADA keeps a price of $ 2, however, there is a good chance that its price will finally achieve a higher level and use the bullish mood of the cryptoma markets-especially for large caps such as BTC, ETH and DOT.

Short -term price forecast for Cardano (ADA)

await you that ADA moves between $ 2 and 2.4 and a clear price range forms. If the price of ADA breaks out - above or below these levels - a quick reaction of bulls or bears can be expected, which leads to a significant price movement in this direction.

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