Cardano: still no strength for higher groundsSide trading continues for ADA. It seems like the market is looking for a certain end of the bearish market in order to push this coin to the higher grounds. On a positive side, the support line at $0.40 is holding strongly, while during the week, the coin managed to reach its highest level at $0.45. Daily trading volumes continue to be decreased, on a positive side, previous week buying orders were the dominant one on the market.
Relative Strength Index continues to reflect market`s side trading. During the week the indicator moved from 35 up to 45, still not indicating that the market is ready to head toward the overbought side. Moving averages continue to move as two parallel lines, without any indication that they might start with convergence toward each other in order to make a cross.
As daily trading volumes continue to be significantly decreased, it could not be expected that ADA will make some significant moves to any side, in which sense, side trading might continue for some time in the future. In this sense, it could be expected for the $0.40 support line to be tested one more time. On the opposite side, a move toward $0.5 resistance would require for ADA to make a break from the $0.45 resistance line.