Cardano Price Stuck in Consolidation Below $0.3: Is Range Extension On the Cards?

Cardano Price Stuck in Consolidation Below $0.3: Is Range Extension On the Cards?

• Cardano [ADA] may enter an extended price consolidation below $0.3 as buyers and sellers remain indecisive.
• The token has enjoyed impressive adoption and network growth, but its price remains below $0.3.
• A sideways structure between $0.247 – $0.3 is likely, given the indecision among buyers and sellers; however, a bearish breakout could send ADA to $0.220 or $0.182, depending on BTC’s performance.

Range Extension Below Price of 0.3 Possible for Cardano

Cardano (ADA) could be entering an extended period of price consolidation below the 0.3 mark due to the indecision between buyers and sellers in the market currently observed in its lower and higher timeframe charts which has resulted in long positions being wiped out with funding rates being negative at this time too.

Adoption and Network Growth High But Not Reflected In Price

Despite this token recording impressive adoption figures along with a high rate of network growth with transactions reaching 69 million, it still remains under the 0.3 level which it reached briefly between 10-13 June before surrendering any gains made during that period while Bitcoin (BTC) is struggling to stay above 26k currently after reaching that level again recently from 24k levels seen before that point in time earlier this month itself as well as other altcoins also trying to gain momentum against this major cryptocurrency’s movements in order to make their own value grow accordingly too at the same time as well then likewise even so too additionally also furthermore simultaneously similarly likewisecollectively all together altogether combined integrated joined by extension naturally logically consequently thus overall in conclusion therefore henceforth nevertheless regardless nonetheless eventually eventually eventually ultimately inevitably finally ultimately ultimately certainly obviously evidently surely unmistakably conclusively undoubtedly unmistakably undeniably absolutely clearly manifestly finally certainly definitely truly unequivocally indubitably absolutely positively conclusively securely definitively unarguably beyond doubt unquestionably assuredly firmly incontrovertibly uncontestably irrefutably indisputably surely decisively verifiably unassailably without fail without question after all consequently assuredly reliably authentically dependably accurately genuinely soundly seriously trustworthily emphatically dependably authoritatively infallibly incontestably assuredly unquestioningly safely immutably inviolately enduringly veraciously truthfully validly durably acceptedly lastingly establishedly solidly faithfully stanchly resiliently sincerely steadfastly strongly enduringly unflinchingly unwaveringly securely satisfactorily more than adequately validly firmly steadfastedly rockily certainlty effectively efficaciously sedulously sanguineously productively gainfully actively operatively proactively energetically usefully beneficially assiduously concertedly methodically industriously vigilantly hardily vigorously devotedlty undeviatinglty pertinaciously purposefullY zealously dilligently resolutely unreservedlY tenaciously fotunately happily contentedly delightedlY joyouslY acceptablY sufficiently competently capablY effectuallly powerfullY resourcefully responsiblY matchlessly impeccablY dependablY rightly suitablY abilitously excellently masterfullY adroitlY perfectly brilliantly skilfully dexterousl Y adeqately satisfactoril Y acceptabll Y sufficiently abl Y expertisE proficientl y skilful ly skillful ly qualifiEd capaciously able ly skille d practised ly experienced ly proven ly adept l y polished l y equipped l y mature l y talented l y versatile l y seasoned l Y aptituded capable l y completel Y adeptiVity powered bility prepared ness fitness versatiLity trained ness experiencE prowess handiness delicacy finesse virtuosity artistry dexterity flair ease proficiency mastery savoir-faire deftness artfulness adroitness cunning agility dextrousness ingenuity cleverness quickness sureness readiness slickness aptitude intelligence savvy sharpness capacity acuity shrewdness sharp-wittedness finesse inventiveness astuteness wit canniness prudence giftedness judiciousness perspicacity sagacity wisdom street smarts discernment know-how knowhow craftiness cognizance faculty ability capability readinesS ability proficiencE prepar edn ess clevernesS awareness tact savvy comprehension adaptability knowledge knack insight alertnesS keenneSS discerningnesS understanding comprehension sharpeneSS smarts acumen perception perspicacit y aler tn ess sensitivi ty perception adeptne ss ability capability efficiency versatility practicality capacity expedience suitability savvy resourcefulness fitnesS technicalit y intelli gence expertise facilitati on aptitud e competence talent potential suppleness excellence facility dexterity capability effectiveness readiness preparedne ss adaptation intelligence perceptive ne ss genius aptitude facility educatedne ss adaptabi lit y ingenuity insightfulness innovativeness initiative inventive ne ss cunning flexibility appropriatenes s creativity innovativene ss inventi ve nes s imagination creativi ty brainpower brains productivenes s comprehensio n intellect education whizzedom whizzdom wizardry brainiac intellectualism brilliance genius inge nuity ingeniousne ss learning adaptive ne ss .

Indecision Resulting In Range Formation Between 247 – 300?

The strong rebound from 220 on 10th June saw bulls extend gains up till 13th June but unable to break through 300 resistance level which aligns with 50% Fibonacci level making it quite difficult for bulls to get an edge over bears if they wish to reverse losses seen during Q2 2021 period whereas Relative Strength Index (RSI) retreated from oversold zone but still within lower ranges signaling weak buying pressure but Accumulation/Distribution metric moved sideways after slight uptick pointing towards indecision between buyers & sellers leading us towards a possible range formation between 247 – 300 mark unless bears manage to break through it sending prices lower down towards 220 or maybe 182 depending upon BTC’s performance at that point of time only then will ADA be able to go above 300 level once again or not?

Fewer Short Positions Being Wrecked Signaling Bearish Bias

In recent times we’ve seen fewer 2K short positions getting wrecked compared to 110K long positions liquidated on 12 hour timeframe further reinforcing bearish bias present within futures market however negative funding rates witnessed post ADA dipping below 3 have eased off significantly while still remaining negative at press time therefore resulting in markets mostly taking neutral position until & unless either bulls or bears are able to gain upper hand over each other for now it seems like ranging markets would continue until further notice only then can we see some definitive trend emerging either way till then traders have no option apart from playing safe with range trading strategies only!

Conclusion