Cardano’s native token, ADA struggles with market challenges, leaving traders and investors on edge. While some cryptocurrencies are witnessing price surges, ADA’s ongoing consolidation has raised concerns about its next move.
At press time, ADA is trading near $0.93 and has experienced a price surge of over 8% in the past 24 hours. However, during the same period, its trading volume dropped by 5%, suggesting that traders and investors are still apprehensive about a potential price decline, which might explain the lower participation.
Will ADA break $0.98 or dip below $0.85? Read our Cardano price prediction to see what’s next for this top crypto!
According to expert technical analysis, ADA has been consolidating within a tight range of $0.86 to $0.97 over the past five trading days. The breakout from this consolidation zone could determine whether ADA will rally or decline in the future.
Based on recent price action, if ADA breaks out of the consolidation zone and closes a daily candle above the $0.98 mark, it is highly likely to rally by 25% to reach the $1.25 mark. Conversely, if ADA breaks down from the consolidation zone and closes a daily candle below the $0.85 level, it could decline by 12% to reach the next support level at $0.75.
As of now, the sentiment across the cryptocurrency landscape appears to be recovering after notable price declines in recent days.
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