Cardano’s price has been consolidating for a while now. At the moment of writing this article, ADA is trading in the green and the digital asset is priced at $1.22 and the coin is up by more than 2% in the past 24 hours.
Crypto Potato online magazine just noted that ADA has been trapped between $1.24 and $1.15 for the past eleven days of trading.
“Alongside this narrow range, ADA is also trading inside a short-term symmetrical triangle pattern as it continues to consolidate toward the apex. Additionally, it is doing well to hold above the 20-day EMA,” the online publication noted.
They continue and reveal that a breakout of this range should dictate the next direction of trading for ADA, with a breakout toward the upside that would set the stage for a bull run back toward the ATH around $1.48.
There have been a lot of crypto predictions about the price of ADA and most of them have been pretty bullish due to the amazing achievements that the team behind the project has been making.
ADA short term predictions
The same online publication mentioned above also reveals some short term predictions about the price of the digital assets.
They note that the level of resistance is lying at the upper boundary of the triangle at about $1.20.
This is reportedly followed by the upper boundary of the narrow trading range $1.24, $1.30, $1.37 (1.414 Fib Extension), and $1.48 (ATH price).
“On the other side, the first support lies at $1.15. This is followed by the lower boundary of the triangle, $1.07 (.382 Fib & 100-days EMA), $1.00, and $0.95 (.5 Fib),” they note.
In other news it’s been revealed that the Cardano community has been eagerly awaiting the very final confirmation of the Ethiopia deal since back in February.
According to the latest reports, John O’Connor, Director of African Operations at IOG, revealed at the time that the company of Cardano inventor Charles Hoskinson was in the final stages of a government contract in Ethiopia to bring a few million users onto the Cardano blockchain.