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Cardano price analysis – April 12

Cardano comes from an increase of almost 10% in the last 7 days

Cardano’s price has grown 678% since the beginning of the year. The digital asset started the new year at $ 0.1682 and, after continued effort, exceeded $ 1. At the time of writing, with a market capitalization of $ 31.94 billion, Cardano was being traded at $ 1.28.

As the ADA negotiated close to its resistance, the long term painted a less volatile picture.

Cardano daily chart

Source: ADA / USD in TradingView

The chart above the ADA noted its meteoric rise above $ 1. This price increase was followed by a consolidation phase that was still ongoing. Currently, the ADA’s movement has been restricted between $ 1.13 and $ 1.34.

However, the asset has been moving in this range since the beginning of April and may continue in this trend on the side.

Reasoning

The lack of volatility in the market resulted in lateral price movement. Despite the lack of activity, the ADA market was still optimistic, as the signal line and the 50 moving average were both below candlesticks. This indicated that buyers were maintaining the current price level.

The Relative Strength Index was observing that the asset remained close to the equilibrium zone, but was now heading towards the overbought zone. This meant that more buyers were entering the ADA market, which could cause the price to retest the resistance at $ 1.34.

Despite rising to the level of its immediate resistance, the ADA may not be able to overcome it due to a lack of momentum. Awesome Oscillator was suggesting that the market momentum was reduced to close to zero as the price consolidated.

Conclusion

The current ADA market was seeing the price move sideways between immediate resistance and support above $ 1. However, as volatility escapes the market, the price may continue to consolidate next week.

Source: AMBCrypto

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