The Cardano price has been struggling for direction lately. The ADA price is trading at $1.1875, which is where it has been in the past few days. Its market cap is at $37 billion, making it the 5th-biggest cryptocurrency in the world after Bitcoin, Ethereum, Binance Coin, and Tether.
What happened: Cardano price has reacted mildly to the recent positive news from the network. Last week, the developers announced that the next upgrade, known as Alonzo, will have smart contracts feature, enabling developers to build decentralized applications.
This testnet will launch between late April and early May. Meanwhile, the network is also looking for ways to cash-in in the fast-growing non-fungible tokens (NFT) industry. It has also launched on Coinbase Pro.
Cardano price forecast
Turning to the four-hour chart, we see that the Cardano price has gone nowhere lately. This is evidenced by the fact that the price has remained at the same level as the 25-day and 15-day exponential moving averages (EMA). The Average True Range (ATR), which is a measure of volatility, has dropped to the lowest level since March 12.
Therefore, this could be a sign of a calm before the storm, meaning that the currency could be gearing towards its next big breakout. However, at this point, it is difficult to say which direction the currency will breakout to. The key support and resistance levels to watch will be $1.0345 and $1.034.