Cardano (ADA) – Locked in a sideways range

Cardano (ADA) – Locked in a sideways range

Posted on Thursday, November 4 2021 at 10:02 pm GMT+0000

Cardano (ADA) – Short-term analysis

Cardano (ADA) is again unconscious in the midst of a rangebound that doesn’t offer a clear stance on what will happen in the short term. However, when analyzing the cryptocurrency, it should be noted that there are some critical levels to pay attention to, like the support area of $1.92, which keeps offering demand across the board.

Also, on the other hand, the resistance zone of $2.09 is capping further advances in one of the largest cryptos by market cap. That said, both levels are critical in the near term because if both of them get broken, the near-term trend will get a clear definition. A breakout above $2.09 will imply a consolidation above the Ichimoku Kumo that could push ADA higher towards $2.25.

On the downside, if the crypto consolidates below $1.92, eyes will be on the $1.81 level, which is the next target for the sellers in the midst of the bearish pressure that could be triggered. Currently, the MACD indicator is pointing downwards, favoring the bearish stance so far.