The cryptocurrency market flashed green after weeks of trading sideways. In response, Cardano [ADA] clocked in weekly gains of 3.71% as it positioned itself as the fifth-largest cryptocurrency by market cap on the leaderboard. The blockchain upgrades and rollouts have been well received in the community. This has, however, failed to positively boost the price movement of its native ADA.
And despite the latest uptick, the token continued to remain rangebound as market participants anticipated a catalyst.
Cardano [ADA] was up by 4.18% over the past 24-hours which pushed its price to $1.58. At the time of writing, the digital asset registered a market cap of $50.5 billion and a 24-hours trading volume of $2.56 billion.
Cardano [ADA] Daily Price Chart:
The stiff rangebound consolidation resulted in a substantial decline in volatility in the Cardano [ADA] market. The price attempted to move over the 50 DMA [Pink] which has been resisting upward breaches for almost a week now. The daily candle is yet to close and if the bull manages to push it over the daily moving average, it could provide a leg up for ADA.
Meanwhile, the 100 DMA [Blue] continued to hover below the Cardano price candles. On the other hand, the low volume could hinder bullish attempts by the crypto.
The green closing bar of Awesome Oscillator depicted a low but a shit towards bullish momentum after days of treading in the red zone. The Chaikin Money Flow, however, fell back on the zero-line suggesting a drop in capital inflow to the market which could further invalidate the positive signs. The Stochastic RSI, however, attempted to surge after a prolong period of weakness in the ADA market.
A bullish setup could result in the breach of a target objective at $1.84. If the Cardano buyers do make a successful comeback, it could further push the price to reach higher resistance levels such as $2.3. But, if the price turns down from the current level, ADA could make a drop to its immediate support levels of $1.311 and then to $1.03.