Cardano price maintained a narrow trend throughout the weekend, which enabled the price to trade near the top of the consolidation. At the same time, as the asset is hovering in a critical pivotal stage, a breakdown appears likely. As mentioned in our previous analysis, ADA price could be poised to break lower support before a notable rally.
But will the rally push the price above the mandatory level to $0.64?
The Vasil hard fork of the Cardano chain has been a long-awaited event. Recently, the testnet era went live with 215. This launch will be followed by the mainnet launch of the hard fork which is scheduled for the last week of July. This upgrade is considered one of the significant upgrades as it could allow the launch of Dapps and Stablecoins.
Despite the testnet launch, no major impact was observed on the price of ADA. But technicals suggest that the consolidation will continue for a few more days before the breakdown. Can we expect a rally later or will ADA price continue tanking within a deep bearish well?
Currently, the RSI is hovering with the average levels without showing any breakout or breakdown possibilities. Since the volatility has reduced significantly over the past few days, no increase in buying or selling volume has been observed. On the other hand, Bollinger Bands are also quite open, and hence there is no chance of sharp price action throughout this week regardless of direction.
Collectively, the price of ADA remains unaffected by any external factors and therefore an upcoming hard fork may induce minor price variations. Hence, the consolidating trend is expected to continue for some more time unless any of the signals turn bright. Cardano price is likely to continue trading between $0.459 and $0.445 until the middle of the week and drop to $0.436 to ignite a further rally.