cryptopotato.com
$ADA is moving sideways above the 64 cents support.
Key Support levels: $0.64, $0.45
Key Resistance levels: $0.90, $1.3
1. Momentum Stalls
In the past two weeks, $ADA’s volatility only managed a 2% price movement. This is quite low, but allowed the price to consolidate above the key support at 64 cents. However, this also shows a lack of clear momentum which may make it difficult for buyers to push $ADA higher at this time.
2. Buyers and Sellers are Absent
Without volatility, market participants appear shy to engage with $ADA on the orderbooks. This is visible in how little the price has moved recently. Nevertheless, the price is consolidating here and this period could be followed by a significant move once the balance of power shifts between bulls and bears.
3. Volume in Decline
The lack of volatility can also be explained by a falling volume. This is clearly visible on the daily volume profile which has been in a downtrend since the Trump tweet about $ADA and the US Crypto Strategic Reserve. At the time of this post, Cardano’s volume is at the lowest level since the month began.
