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ADA Consolidation Will Likely End By Huge Step

After successfully retesting the $1 key support, Cardano (ADA) appears to be preparing a possible break from its current price range if recent bullish cryptocurrency sentiment continues. Key Support Levels: $1, $0.92 Key Resistance Levels: $1.1, $1.2 ADA’s price has been consolidating between the critical support ($1) and resistance ($1.1) for over a week. The recent price action and technical indicators are hinting at a possible breakout of this range. ADA rarely stays in a tight range for too long, so the most likely solution: volatility should quickly return with a significant move. Chart by TradingView Technical Indicators Trading Volume: Volume has been very low for ADA lately, indicating that a major breakout can be expected in the near future. RSI: The daily RSI remains quite flat with no apparent trend, this is in line with the current price action. However, on the lower time frames such as the 4-hour chart, the RSI has made higher lows, a bullish sign. MACD: The daily MACD remains bearish, but the histogram and moving averages continue to rise. At this rate, a bullish crossover is likely in the coming days, especially if the price breaks through the main resistance. Chart by TradingView Bias The current bias is somewhat bullish. This would be confirmed if ADA were to manage to break through the key USD 1.1 resistance. Short Term Forecast for ADA Price While ADA could continue to consolidate between key levels in the coming days, a breakout should be expected especially if the daily MACD goes through a bullish crossover. The current low volume seems to anticipate an important move. Therefore, expect momentum and volatility to return to ADA. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees. Disclaimer: Information on CryptoPotato is that of quoted writers. It does not represent CryptoPotato’s views on buying, selling or holding any investments. You are advised to do your own research before making any investment decisions. Use information provided at your own risk. See Disclaimer for more information. Cryptocurrency Charts by TradingView.
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