by • ADA is preparing for a major move as the price is compressing above its key support level of $0.30.
• The current price formation is approaching a critical junction in the form of a descending triangle.
• Volatility will decrease until the market participants decide where Cardano’s price is headed next.
ADA at Critical Support: Possible Move Expected
Cardano (ADA) is holding on to its key support level of $0.30 and forming a descending triangle, indicating that it may be heading towards a major move soon. With market participants indecisive, volatility has decreased and the MACD histogram has flattened out.
Key Support Under Pressure
The key support at $0.30 has been tested three times since mid-July, with buyers quickly rushing to save it when it dips under this level. This shows that there are still bullish traders interested in ADA despite all the uncertainty surrounding it right now.
Price Compressing in Apex
The cryptocurrency is currently forming an ascending triangle as it approaches its apex, which indicates that further compression could lead to an explosive breakout soon as the price escapes from this formation.
The Quiet Before the Storm
Until market participants can come to an agreement on Cardano’s next direction, volatility will remain low and the daily MACD will stay flat on its histogram . This period of indecision won’t last long however, with ADA likely making its move any day now.
Bias Neutral for Now
As long as the key support at $0.30 holds up, Cardano could make a move towards reaching $0
