Despite the increased market volatility, the ADA coin price continues to display a neutral trend from the past few days, indicating weak buying and selling pressure for the token in the market. Further, this altcoin had added over 13.5% over the past week.
The CardanoADA price traded in a narrow space between $0.4577 and $0.4756 for a period, following which the market gained momentum and the ADA price broke out of the range. However, the rally was short-lived as the it faced rejection at $0.5051, after which it displayed a neutral trend for a while.
As the market volatility increased, the bulls regained momentum and recorded a jump of 10% before facing rejection at the resistance level of $05331. Following this, the ADA price traded in a consolidated range between $0.4756 and $0.5331 for the next eleven days.
The altcoin then traded in a closed range between $0.5331 and $0.5607 for a while, indicating a cool-off in the price action from the price pump. As the volatility increased, the ADA price jumped approximately 16% in value, after which the price faced rejection at $0.6178.
Following this, the price traded sideways for a while, and after testing its low of $0.5834, the bulls regained momentum and recorded a jump of 12.45%. Since then, the price has been trading in a closed range between $0.6178 and $0.6400.
Will Cardano Rise Again?
The technical indicator, MACD, displays flatlines in the chart, suggesting weak buying and selling pressure for the coin in the market. Further, the averages show a neutral trend, highlighting a decline in the price action for this altcoin.
If the market pushes the price above the resistance level of $0.640, the bulls will regain momentum and prepare to test its upper resistance level of $0.6632 this week. If the bulls hold the price at that level, it will set the stage for the Cardano token to attempt to test its upper limit of $0.6874 in the upcoming weeks.
Conversely, if the bears overpowered the bulls, the ADA coin price would lose momentum and fall to test its support level of $0.6178. Moreover, if the bears continue to hold power, the ADA coin will continue to bleed and prepare to test its lower support level of $0.5834 this month.
