The Cardano (ADA) price is trading in the middle of a long-term range after it was rejected by the range high in July.
The rejection was accentuated when the price broke down from a short-term ascending support line, suggesting that the ADA price is correcting.
Cardano Price Falls After Rejection From Range High
The technical analysis for the weekly timeframe shows that the ADA price has traded above the $0.25 horizontal area since the beginning of the year. While ADA briefly fell below it in June, it created a long lower wick (green icon).
This is considered a sign of buying pressure. Moreover, it saved the breakdown from the $0.25 horizontal area, both signs of a bullish trend.
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Cardano (ADA) Price Prediction 2023/2025/2030
While ADA reached a high of $0.38 in July, it failed to break out from the $0.38 horizontal area. Then, it validated it as resistance (red icon). The ADA price now trades between the $0.25 and $0.38 areas.
ADA/USD Weekly Chart. Source: TradingView
The weekly RSI does not confirm the trend’s direction.
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