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Cardano price coils in between the 8-Day and 21-Day Simple Moving Averages.
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ADA price trades range-bound since the June 18 sell-off, unlike other popular cryptocurrencies which have ascended in value.
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Invalidation of the uptrend scenario is a breach below $0.425.
Cardano price diverges from the pack
Cardano price shows an unresolved battle between the bulls and bears in the market. While several cryptocurrencies have rallied upwards of up to 90% in a week, the ADA price has only conquered 12% of the losses suffered since the June 18 market sell-off. The power struggle comes at an interesting time for the self-proclaimed Ethereum Killer token, as the Cardano community has just released Node 1.35 this week, a technological milestone meant to improve the utility for ADA users and developers.
Cardano price is currently trading at $0.48, just above the 8-Day Simple Moving Average at $0.48 and the 21-day Simple Moving Average at $0.51. The coiling-like nature between the two moving averages is common amongst price action traders, usually resolving with one moving average crossing over the other and creating an influx of volatility in the process. If the technicals are genuine, the 8-Day MA crossing over the 21-Day MA could induce a 40% bullish rally targeting the May 31 swing high vicinity at $0.685.
Invalidation of the uptrend scenario is a retest of the June 18 swing low at $0.42. A breach of this supportive barrier could trigger a 40% decline targeting $0.28.
