Cardano price is bound for high volatility following a long consolidation period. The bulls seem to be targeting $0.45 while the bears aim for $0.20. On-chain metrics hint at a stiff supply barrier at $0.35, which seems to favor the bearish outlook. Cardano price saw a meteoric surge of 200% from late-December 2020 to mid-January 2021. However, the smart contracts token has been stagnant over the past two weeks showing an ambiguous outlook. A potential breakout could see ADA move by roughly 30% in either direction, but on-chain indicators skew with the bears. Cardano price sits at a make-or-break point ADA’s consolidation phase is nearing completion as its price trades around the $0.35 level. But, a symmetrical triangle formation indicates that the breakout could happen in either direction. Since Cardano has not experienced a significant retracement after it entered a 300% bull rally in the last two months, it is reasonable to assume that it sits in overbought territory. ADA/USD 12-hour chart The bearish thesis holds when looking at IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model. This on-chain metric shows a massive concentration of underwater investors at $0.354 who are more than likely to sell their holdings to break-even. Cardano IOMAP A spike in sell orders that pushes Cardano price below the 50 twelve-hour EMA will likely validate the bearish outlook. The downswing could be followed by further downward pressure sending ADA towards the $0.27 level where the SuperTrend indicator and the 100 twelve-hour EMA converge. It would be extremely bearish for ADA price to breach this confluence, as it would cause it to drop towards the 200 twelve-hour EMA around the $0.20 level. Nonetheless, Cardano could avoid further losses if its price heads higher and breaches the critical supply barrier at $0.354, and closes above $0.38. If this were to happen, ADA price will rise by 30% and target $0.47. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next S&P 500 Index: Bearish setup compounded, scope now for 3636/28 – Credit Suisse FX Street 1 year Cardano price is bound for high volatility following a long consolidation period. The bulls seem to be targeting $0.45 while the bears aim for $0.20. On-chain metrics hint at a stiff supply barrier at $0.35, which seems to favor the bearish outlook. Cardano price saw a meteoric surge of 200% from late-December 2020 to mid-January 2021. However, the smart contracts token has been stagnant over the past two weeks showing an ambiguous outlook. A potential breakout could see ADA move by roughly 30% in either direction, but on-chain indicators skew with the bears. Cardano price sits at a make-or-break point ADA’s consolidation… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.