2021-06-05 08:00:00

Cardano Price Analysis: Is ADA Token Range-Bound Once Again?

  • ADA token price action is consolidating on an intraday session
  • The 24-hour volume in Cardano is $120.2 Million
  • ADA/BTC pair is trading positive by 1.29% at 0.00004647 BTC

The daily technical chart of ADA token projects a sideways trend. According to pivot points, ADA’s significant support level is $1.12. Whereas if it goes up, the fundamental resistance to watch is $2.32. Besides, the chart also features a Doji candlestick pattern displaying that both bulls and bears failed to gain control over price movement.

The Ichimoku Cloud, consisting of Lead 1 & Lead 2 with a displacement value of 1. It serves as a pivot level and a head indicator in the asset price reversal. Investors may witness the price touch the red Moku Cloud, so until the price resides inside the red Moku Cloud, it will assure a sideways trend in Cardano.

The MACD indicator gave a (Bullish) crossover above the signal line, projecting a buy signal in the coin. Investors may observe emerging multiple green bars in the histogram index.

The volume of (15.03M) showcases a low buying above the Volume MA (118.42M) of 20-days. Traders are directing low trading volume in the order book, which results in its price level consolidating in the region. Investors may also observe declining volume in the chart to create big moves ahead.

Low Trading Volume Is Being Directed In ADA Token

ADA token price traded at $1.76 with a 0.80% gain in the last 24-hour and 13% gains weekly. Moreover, the Cardano price is testing and trying to sustain above the red Moku Cloud on an intraday session. In contrast, market capitalization stands at $54 billion. Technically, investors can perceive the price is touching the red Moku Cloud. The MACD indicator is showcasing a buy signal. Low trading volume is also being directed. Additionally, the price movement can remain sideways in upcoming sessions.

Resistance: $2.32

Support: $1.12

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