The past 24-hours saw increased bullish momentum in the overall crypto market as Bitcoin went past its ATH and surged past $60k. Since then BTC’s price has managed to move slightly upward. Despite the altcoin market having had a traditionally high correlation with Bitcoin, the bullishness hasn’t been uniform. Cardano’s sideways movement continues as the coin continues to trade in a narrow range.
At the time of writing, ADA was being traded at $1.091 with a market cap of $34.8 billion. In the past week’s time, the coin has endured a dip of over 3.5 percent and noted a 24-hour trading volume of over $2 billion.
Cardano 1-day chart
Source: ADA/USD, TradingView
Cardano’s price has been continued in a narrow range over the past week. There hasn’t been enough momentum in the market for its price to move in either direction. The resistance at $1.29 continues to be a formidable barrier and the past few days have seen the price failing to go past this range.
This has led to increased sideways movement and given the overall bearish nature of ADA’s long-term market, it won’t be long before ADA heads towards its immediate support at $0.78. One can argue that if the coin fails to see strong bullish momentum in the near term, and the resistance level at $1.29 continues to remain unbreached, in the coming…