Cardano has recently been forced to trend within a very narrow range due to equal strength from buyers and sellers. At some point in time, one of them appeared to be a little more powerful than the other, and the price reacted accordingly. However, the ADA price could now quickly exit the pattern without wasting any more time.
The constant accumulation could build up enough momentum to propel the price northward. Without a doubt, the volume is constantly depleting; however, the change in trend from buying to selling and back to buying indicates that traders are quite active. The whales, on the other hand, appear to have been waiting for an opportunity to enter. As a result, in the coming days, the asset could spark a moderate uptrend with a target of another 30% gain.
The daily price chart shows the asset trending downward within a channel. And it has the potential to break through the upper barriers well before the accumulation reaches its conclusion. As a result, a significant price increase may be on the horizon, as the asset appears to have been stuck at the initial resistance levels for a long time. However, the asset must stop accumulating very soon in order to range towards the $2.4 resistance level.
If the Cardano price fails to pull the next leg up towards the $3 target, it may consolidate and gain more strength. Once completed, a massive green candle could break through the $2.4 zone and eventually rise above $3. However, the bulls must enter in order for this plot to be realized, or else the ADA price may trend sideways. As a result, the current Doji candle must be outperformed by buyers in order to shill the bears.