Cardano Consolidates After Soaring Above $0.4

Cardano (ADA) reached its highest level since the beginning of November 2022 last week. Its price soared on February 16 to $0.418, but at the end of the week, the cryptocurrency began to retreat as part of a correction.

On the night of Wednesday, February 22, the ADA rate fell to $0.394. The capitalization of the altcoin decreased to $13.71 billion. However, over the past seven days, the value of Cardano has grown by almost 8% in total.

Analysts predict that ADA will trade in a narrow range of $0.38 to $0.4 in the coming days. It is unlikely that the altcoin will be able to break through the resistance around $0.41, but it will be able to claim strong support at the level of $0.38.

Cardano is now trading 86% below its all-time high of $3.1 in September 2021.

The rise of the altcoin to a three-month high was the result of the activation of the whales. The report from the Santiment team states that the network has seen a sharp increase in the number of transactions in amounts from $100,000 in ADA.

The Relative Strength Index RSI on the eve exceeded 60 points, which indicates that the digital asset is overbought. In the coming days, Cardano is likely to fall to $0.8, but its deeper drawdown is unlikely.

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