Cardano (ADA) recently made difficulty breaking the $ 0.60 resistance. Yet optimism remains careful. Despite predictions about a future price level of $ 10 per coin, ADA will continue to act below the important psychological limit of $ 1. What can we expect from Cardano in the rest of this quarter?
Ada consolidates without conviction
Cardano had a strong revival at the beginning of February. The race shot in a short time towards $ 0.80 and the trade volume peaked over $ 1.8 billion. In the meantime that momentum has disappeared. The race moves sideways and the volume has fallen to around $ 640 million.
ADA is again in consolidation mode and the technical indicators do not indicate an approaching breakthrough. For example, the Relative Strength Index (RSI), a well-known Momentum indicator, only started the overbough level once this year, and that moment was mainly driven by temporary hype around Donald Trump’s statements about crypto.
Cardano founder Charles Hoskinson continues to believe in the power of the network. But even the foundations now show cracks. The network fees, an important indicator of blockchain activity, have fallen by 52 percent in three months, to around $ 8,100 a day. This is not a signal of growth or increasing use. Other core statistics from the network also score low, which indicates that Cardano has difficulty retaining its relevance in a busy Layer-1 projects.
Return to $ 1? Not
Both the technical and fundamental data paint a careful picture. But it doesn’t hurt to grab the graph and see how Ada is doing. In mid -April we also looked at the graph below. In the meantime, little has changed. At the time, the rate was $ 0.64. In the meantime, Ada acts just below $ 0.70.
As can be seen, Ada arrived at the center line of the parallel Neerwaartse Kanaal. Ada has been in this downward trend since last December. The course currently encounters some resistance on this center line. The resistance zone between $ 0.80 and $ 0.85 remains the target, and we will have to wait and see how the rate there will respond. So for the time being we don’t have to expect any fireworks.
Source: https://newsbit.nl/cardano-zit-al-maanden-gevangen-onder-1-komt-er-een-comeback/
