Cardano (ADA) Price Enters Consolidation Phase After Brief Fall

11 hours ago | 2 mins read

• ADA only gained 2% in the previous 24 hours since it largely consolidated.
• ADA may test the $0.60 level of immediate resistance if buyers stay in the market.

Cardano’s price showed a surge before consolidating. As Bitcoin’s losses widened, signals of instability in the wider market emerged. The one-day chart shows conflicting indications, indicating that the currency is trying to go north.

ADA/USDT: Source: TradingView

ADA only gained 2% in the previous 24 hours since it largely consolidated. The coin’s value has increased by nearly 22% in the previous seven days. As the currency has had a positive presence over the last week, buyers in the market have also tried to show strength.

Trading Volume Indicates Positive Sentiments 

ADA may test the $0.60 level of immediate resistance if buyers stay in the market. If sellers recover their footing, the bears might take control of the market, causing ADA’s price to fluctuate. At the time of this writing, the price of ADA was $0.56. The coin’s price fell somewhat after rising about 22% in the previous week. This stock’s immediate safety net was set at $0.47 per share. XRP might hit a low of $0.40 if it drops below this level.

Cardano must trade at least $0.70 above their previous overhead price ceiling for the bulls to recover their footing. An upward rise might be expected as the coin has been trading sideways. The coin’s trading volume was highlighted green, indicating positive sentiment.

Cardano has fallen into the oversold zone due to the current crypto market turmoil. Before this, in December of 2021, the coin was last oversold. The cryptocurrency has attempted to break above the half-line on the Relative Strength Index. According to CMC, the Cardano price today is $0.566620 USD with a 24-hour trading volume of $434,868,703 USD. Cardano has been up 1.95% in the last 24 hours.