Cardano Price Forecast: ADA sits in a no-trade zone while momentum builds up

Cardano price is currently bounded inside a parallel channel on the hourly chart.
Bollinger Bands squeezing indicates a significant breakout could happen soon.

Cardano had an early recovery on November 28 ahead of Bitcoin’s last move toward $20,000. The digital asset is now consolidating and trading sideways as indicators show it is ready for another breakout in the short-term.

Cardano price awaits a clear breakout

Cardano is currently trading at $0.168 after a notable breakout on November 28. The price seems to be contained inside a parallel channel formed on the hourly chart with the upper trendline at $0.173 and the lower boundary at $0.159.

ADA/USD 1-hour chart

Additionally, the Bollinger Bands have squeezed significantly over the past two days in the hourly chart, and both boundaries coincide with the trendlines of the parallel channel. A breakout above $0.173 could quickly push ADA to $0.18 and $0.20 at the 1.27 Fib level.

ADA/USD 1-hour chart

On the other hand, a breakdown below the channel's lower line and the Bollinger Band can push ADA to slice through the $0.15 support level at the 0.5 Fib level down to $0.142, the 0.382 Fib level.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.