Calm before the storm, ADA about to erupt?

ADA has been consolidating in a tight range for some time but looks like it will break out in the next few days.

Key support levels: $1, $0.92.

Key resistance levels: $1.1, $1.2.

Canado is floating between the key $1 support and $1.1 resistance and has been unable to break through for the past week. Last Wednesday the price tried to break this key resistance but sellers pushed Canado back into a consolidation range.

At the time of writing, the price continues to consolidate on low volume (probably due to the weekend). This predicts a big move next week.

Source: TradingView

Technical indicators

Volume: Volume has decreased since the sell off and now both volatility and volume are minimal. This usually precedes a large move.

RSI: The daily RSI is attempting to move higher but is lacking momentum. The bulls are hoping the new week will provide the boost ADA needs to break out of the current range.

MACD: The daily MACD is still in the red but the histogram and moving averages are curving up. With luck, ADA can successfully break the resistance level and propel the price higher.

Source: TradingView

The current trend is neutral. ADA needs to break out of the range to reverse this trend and find the next direction.

Short term ADA price prediction

The current consolidation signals a quiet period for ADA with low volatility. The range between $1 and $1.1 is very tight and the price might break it in the next few days. Therefore, ADA is expected to make a major move next week as bears and bulls battle for dominance.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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