Cardano (ADA) price action has been tough to watch this year. It started strong, but since October 27th, there have not been any significant moves up or down in value for ADA prices between $2 and $1.90.
The last notable spike that Cardano saw was at the beginning of September when it reached a high point near 3 dollars before coming crashing back down again.
The Cardano price is $2.04 with a 24-hour trading volume of $2,239,114,886. ADA Price has gone up 2% in the last 24 hours.
Cardano Price Analysis
We can see a consolidation in the 1-2 USD area. There’s also support at $1.9 and resistance along with an optional higher line, which may form triangles if prices continue rising as they have been recent.
ADA looked to test the resistance trendline again this week, but if there is an increase in volume, it could be possible that ADA will breakout.
Cardano finally reached its first resistance after maintaining a static price for the past few months. With 2% growth today and more room to grow in future weeks or months based on current trends with increased adoption rates across different platforms due to positive developments surrounding this currency’s technology stack.
The second important obstacle ahead is Volumetric which sits at around $2.20 per ADA token and will be tested to see any significant movement above or down below these levels.
If we break above that Point of Control Line, then there could potentially more gains for traders on their way up towards another rally.