Amidst the current market uncertainty, Cardano (ADA) has been locked in a tight consolidation phase for the past few days, hovering near a critical level that could determine its next move. Over the last 11 days, ADA has been trading within a narrow range of $0.70 to $0.74, with the lower end of this range now being tested.
ADA’s price action is further supported by an ascending trendline that has remained intact since the start of March 2025. Currently trading around $0.71, ADA has seen a slight uptick of over 0.50% in the last 24 hours.
Technical analysis indicates that ADA is currently forming a symmetrical triangle pattern within its consolidation phase. If the asset manages to break out of this pattern and close a four-hour candle above the $0.74 level, there is a strong possibility of a 15% surge towards the $0.85 mark.
On a short-term basis, ADA could potentially see a 3% increase, bringing it closer to the $0.736 level. However, a more significant rally is expected to kick in only when ADA closes a daily candle above the $0.85 level.
Despite these bullish signals, market participants seem to be less engaged with ADA due to the prevailing bearish sentiment and uncertain pattern. Trading volume for ADA has hit a record low, as reported by on-chain analytics firm Santiment. In the past 24 hours alone, trading volume has dropped by 15%, marking the lowest levels since the beginning of the year.
In conclusion, while ADA is currently facing a make-or-break situation near a crucial level, the asset’s price momentum and technical indicators suggest a potential breakout if key levels are breached. However, the lack of participation from traders and investors amid the bearish market sentiment remains a concern for ADA’s short-term price action.