Cardano (ADA) price remained unchanged in the past 24 hours

This is due to its prolonged consolidation between the $0.695 and $0.75 levels. By Sasha. Updated Apr 18, 2023 at 1:13 a.m. PDT.

Cardano (ADA) price remained unchanged in the past 24 hours, even as major cryptocurrencies experienced massive upside momentum. This is due to its prolonged consolidation between the $0.695 and $0.75 levels.

Cardano (ADA) Technical Analysis and Price Prediction

Looking at the ongoing price momentum, ADA is likely to see a major rally only if it breaks out of this consolidation; otherwise, the price may continue to experience minor fluctuations.

Based on recent price action and historical trends, if ADA breaches the upper boundary of the consolidation and closes a daily candle above $0.756, there is a strong possibility of a price surge of over 12%, pushing it to the $0.85 level.

Conversely, if ADA falls below the lower boundary and closes a daily candle below $0.69, it could drop to $0.65 in the coming days.

Additionally, the asset is facing resistance from the 200 Exponential Moving Average (EMA) on the daily timeframe.

At press time, ADA is trading at $2.42, registering a modest price decline of 0.50% in the past 24 hours. However, during the same period, the asset recorded a 40% jump in trading volume, indicating heightened participation from traders compared to the previous day.

Major Liquidation Levels

Despite the ongoing uncertainty and unclear price action, traders appear bullish and are strongly betting on the long side, as reported by the on-chain analytics firm Coinglass.

According to the latest data from Coinglass, traders are currently over-leveraged at $0.711 on the lower side and $0.742 on the upper side. Over the past 24 hours, they have built $17 million worth of long positions and $3 million worth of short positions, partially confirming that ADA's price is poised for massive upside momentum.

Meanwhile, whales and long-term holders seem to be continuously accumulating the asset despite ongoing market volatility, further signaling a potential price reversal.