Cardano has taken a rather calm turn the past handful of days as it remains within the loftier realms of its range and beckons traders.
ADA/USD has produced a rather tranquil trading range the past week which is not exactly common for the cryptocurrency. Speculators should be intrigued if they look at technical charts of ADA/USD. They will immediately notice what can be perceived as a consolidated price band the past handful of days as Cardano idles within the upper tier of its values.
This is no ordinary price range for ADA/USD; the current value of Cardano is actually situated quite close to its all-time highs. A price of roughly 3.100000 was achieved on the 2nd of September, and while the value is closer to 2.885000 as of this writing, the distance between the two ratios is not far. Taking into account the notion that ADA/USD was at a mere 1.880000 on the 18th of August and has incrementally exhibited a sustained bullish streak since the 20th of July, speculators who have bullish sentiment would be hard pressed not to be enthused.
While the broad cryptocurrency market also remains within solid terrain, the ability of ADA/USD to correlate and perhaps even outperform many of its major counterparts is likely a solid signal also. What may encourage speculators is ADA/USD’s ability to have touched a high water mark only four days ago and not suffer a tumultuous fall. The technical trading which shows a sustained and rather calm price range the past few days is noteworthy.
Yes, ADA/USD has certainly reversed slightly lower since reaching its all-time highs. Speculators need to ask themselves if this lull in the market is a sign that consolidation will cause a breakout and which direction this volatility will pursue. ADA/USD and its current price range the past week should not fool speculators into thinking everything will remain tranquil. Cardano has a storied history of turning in fast results with a strong dose of lightning-quick changes in value.
Speculators cannot be blamed for looking at ADA/USD as a potential technical buy while it lingers near its current price vicinity. If short-term support manages to prove adequate near the 2.850000 to 2.810000 junctures, ADA/USD may provide another leg up which actually challenges the 3.000000 ratio sooner rather than later. Cardano is a speculative asset and traders need to practice risk management, but a wager on upside momentum does look enticing at this time.
Cardano Short-Term Outlook
Current Resistance: 2.939000
Current Support: 2.815000
High Target: 3.010000
Low Target: 2.690000