Cardano (ADA) soared and closed above the $1.23 overhead resistance on March 16.
However , the bulls are struggling to sustain the bullish momentum today, which suggests that demand dries up at higher levels.
If the price dips and sustains below $1.23, it will suggest that the range-bound action may continue for a few more days.
If the bulls can defend the breakout level at $1.23, the ADA/USD pair could rise to $1.48. A breakout and close above this resistance could indicate the resumption of the uptrend.