Cardano has been range-bound between $0.31 and $0.40 for several days, indicating buying on dips and selling on rallies.

The price action inside the range can be random and volatile. If buyers drive the price above the moving averages, the ADA/USDT pair could move up to $0.40, where short-term traders are expected to sell aggressively. Buyers will have to overcome this barrier to signal the start of a new up move to $0.45 and then to $0.50.

On the downside, bears will have to sink and sustain the price below $0.31 to resume the downtrend.