XBTFX

Cardano: low trading volume support side trading

COINBASE:ADAUSD   Cardano / United States Dollar
ADA continues to be in the mood of side trading. This is supported by significantly decreased daily trading volumes, which don’t have strength to push the price to any side. This is also reflected in technical indicators, which are “freezing” for some time now.

During the week RSI moved from 51 to 55. The indicator shows that the market is still eyeing the overbought side, however, there is still no market strength for this goal to be clearly reached. Moving average of 50 days halted divergence from MA200 counterpart; however, convergence has still not started.

With significantly decreased daily trading volumes, ADA will not have strength to move to either side. In this sense, it might be expected that side trading will continue also during the following week, except in case of some strong fundamentals. In this sense, it might be expected that the coin will continue to move in a range of $0.5 up to $0.55 resistance, while $0.60 continues to be the target for the future period.

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