{"id":56625,"date":"2023-08-15T09:00:37","date_gmt":"2023-08-15T13:00:37","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=56625"},"modified":"2023-08-15T09:01:12","modified_gmt":"2023-08-15T13:01:12","slug":"ada-price-consolidates-as-bulls-await-breakout","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ada-price-consolidates-as-bulls-await-breakout\/","title":{"rendered":"ADA Price Consolidates as Bulls Await Breakout"},"content":{"rendered":"\n

Cardano (ADA) is trading sideways in a tight range between $0.25 and $0.45, frustrating investors looking for a clear direction. However, this period of low volatility could be the calm before the storm as ADA<\/a> prepares for a major move in the near future.<\/p>\n\n\n\n

\"ADA<\/figure>\n\n\n\n

ADA is down 0.1% <\/strong>to $0.2895<\/strong>, with $112 million<\/strong> in volume coming in, supported by $10 billion<\/strong> in market capitalization.

Cardano\u2019s price action has been influenced by the ongoing lawsuit between the Securities and Exchange Commission (SEC) and Ripple Labs<\/a>, which also involves XRP and other cryptocurrencies that the regulator deemed to be securities. <\/p>\n\n\n\n

In July, a federal judge ruled that XRP was not a security when sold to the general public on crypto exchanges, giving a boost to ADA and other tokens that faced similar allegations from the SEC.<\/p>\n\n\n\n

However, the SEC has appealed the ruling and asked for more time to review the case, creating uncertainty and anxiety in the crypto market. As a result, ADA has failed to sustain its momentum and has retreated from its July high of $0.37 <\/strong>to trade around $0.2895<\/strong> on Tuesday.<\/p>\n\n\n\n

ADA Price Stuck Below Key Moving Averages<\/h3>\n\n\n\n

Looking at the daily chart, ADA is trading below all three moving averages, namely the 200-day EMA (purple) at $0.343, the 100-day EMA (blue) at $0.316, and the 50-day EMA (red) at $303, indicating a bearish bias. <\/p>\n\n\n\n

The MACD indicator is also in negative territory, suggesting that sellers have the upper hand.<\/p>\n\n\n\n

\"ADA
\u00a0ADA\/USD Daily Chart. Source:\u00a0TradingView\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/em><\/figcaption><\/figure>\n\n\n\n

A break below the lower boundary of the range at $0.25 could trigger a sharp sell-off towards the next support level at $0.2, where ADA found buyers in June. <\/p>\n\n\n\n

On the other hand, a break above the upper boundary of the range at $0.45 could signal a bullish reversal and open the door for a rally toward the next resistance level at $0.6, where ADA faced rejection in May.<\/p>\n\n\n\n

ADA Price Could Follow Historical Pattern<\/h3>\n\n\n\n

Despite the current lackluster performance, ADA investors should not lose hope, as history could repeat itself. <\/p>\n\n\n\n

According to crypto analyst and trader Ali, Cardano appears to be mimicking its price action between 2018 and 2020, when it traded between $0.10 and $0.028 for 665 days.<\/p>\n\n\n\n

\n

#Cardano<\/use><\/svg><\/span><\/a> | Between 2018 and 2020, $ADA<\/use><\/svg><\/span><\/a> oscillated between $0.10 and $0.028 for 665 days. Then? A whopping 2,985% bull run took off after this long accumulation phase.

Fast forward to now, $ADA<\/use><\/svg><\/span><\/a> seems trapped in the $0.46 to $0.24 range, already for 329 days. If history and price\u2026 pic.twitter.com\/tvzf7VMIsk<\/use><\/svg><\/span><\/a><\/p>— Ali (@ali_charts) August 14, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Following this consolidation phase that allowed for accumulation among investors, ADA embarked on a massive bull run of 2,985%, reaching an all-time high of $3.10 in May 2021.<\/p>\n\n\n\n

Ali suggests that ADA could follow a similar pattern and break out of its current range after 665 days, which would be around February 2024. If this happens, ADA could surge to $8.95, which would be a 2,985% increase from its current price.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cardano (ADA) is trading sideways in a tight range between $0.25 and $0.45, frustrating investors looking for a clear direction. However, this period of low volatility could be the calm before the storm as ADA prepares for a major move in the near future. ADA is down 0.1% to $0.2895, with $112 million in volume […]<\/p>\n","protected":false},"author":44,"featured_media":56633,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25],"tags":[7097,1143,15839,193],"class_list":["post-56625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-bull-run","tag-ada","tag-adausdt","tag-cardano"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/cardano-price.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/56625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=56625"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/56625\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/56633"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=56625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=56625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=56625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}