The Cardano price is in a tight range as the cryptocurrency world continues to consolidate. ADA is trading at $1.7215, which is about 7% above the lowest level last week. The total coins in circulation have a market capitalization of more than $55 billion, making it the fourth-biggest cryptocurrency in the world.
What happened: Cardano and other cryptocurrencies had a relatively mixed weekend as demand waned. Bitcoin has jumped by less than 1% in the past 24 hours while Ethereum has gained by just 3.57% in the same period. Most of the biggest coins have risen by less than 1%.
This week, the biggest catalyst for the Cardano price is the upcoming US inflation data that will come out on Thursday. These numbers are important because they have an impact on interest rates.
In general, analysts expect that the headline CPI rose by more than 4.7% in May while core CPI rose by more than 3%. A strong CPI data will build the case that the Fed will likely turn hawkish. However, based on the weak non-farm payrolls numbers, there is a possibility that the Fed will remain to be dovish for longer. So, what next for the Cardano price?
Cardano price forecast
The four-hour chart shows that the ADA price has been in a consolidation mode in the past few trading sessions. Along the way, the coin has formed what looks like a symmetric triangle pattern. It is currently slightly above the lower side of the triangle pattern. It has also moved slightly above the 25-day and 15-day moving average (MA). It is also slightly below the 50% Fibonacci retracement level.
Therefore, while the consolidation will likely continue, the coin will likely rise by about 8% to test the upper side of the triangle pattern at $1.8755. However, a drop below $1.60 will invalidate this trend.