Cardano has accomplished some of the most crucial milestones in its roadmap. Its native digital asset, ADA has not been quite responsive to the developments on its blockchain side. The token has posted minor weekly gains of more than 4% even as several prominent altcoins saw a decent run this week.
While it has managed to position itself as the sixth-largest crypto-asset by market cap, ADA’s price has been trapped in between $1.24 and $1.15 for almost two weeks now.
Cardano [ADA] noted a minor surge of 0.56% over the last 24-hours, which pushed its price to $1.22. At the time of writing, the crypto-asset registered a market cap of $39.57 billion and a 24-hour trading volume of $6.71 billion.
Cardano [ADA] Price Daily Chart:
The volatility in the ADA market declined and the crypto-asset continued to trade sideways. The formation of a symmetrical triangle on the 24-hour chart depicted that the price could break out on either side of the pattern upon completion.
The 50 DMA [Pink] has time and again attempted to break above the ADA price candles and was still treading close to it. The candlestick arrangement needs to maintain the upward trajectory and not slide below the moving average in order to target the nearest resistance levels.
The 100 DMA [Blue] continued to hover below the ADA price candles as well as the 50 DMA depicting the bullish presence in the market.
The Klinger Oscillator continued to depict a bullish phase for ADA. The same cannot be said for MACD which was still trapped under a bullish crossover after failed attempts to flip over. This suggested that the buying demand’s struggle to rise above.
The RSI, however, stagnated a little above the 50-mark depicting a steady buying pressure in the ADA market which was a tailwind to the bullish outlook.
Cardano’s technicals depicted a swing to the upper target level in the near term. The resistance levels for the crypto-asset were found to be at $1.29 and $1.37. The support levels, on the other hand, stood at $1.16, $1.04, and $0.951 respectively.