Cardano (ADA) is Teasing a Range Breakout Rally as Social Sentiment Around the Token Improves

Bitcoin (BTC) is sustaining above the $83000 mark, Cardano (ADA) is waiting for a bullish comeback from a range-bound movement.

Cardano has been consolidating for the past 4 hours. However, social sentiment for ADA is improving, which could help to drive a breakout rally.

Cardano’s short-term consolidation is approaching its potential conclusion. This suggests that an ADA price rally above the $1 mark may be in sight.

Cardano’s Fib levels are at $0.53, $0.66, and $1.

Cardano’s 38.2% Fib level is at $0.66, while the 50% Fib level is at $0.77.

Cardano’s 78.6% Fib level is at $0.98.

Cardano is currently trading at $0.7, while the Bollinger Bands are squeezing due to the consolidation range.

The MACD and signal lines are approaching a bullish crossover, but the moving averages are still in a negative trend.

Despite the consolidation, the social sentiment for Cardano has improved.

According to Santiment, altcoins like Cardano are seeing massive positive sentiment.

Bullish comments have surged as the SEC classified ADA’s use case as “smart contracts for government services.”

This has driven the Cardano community’s bullish sentiment to its highest level in the past 4 months.

Currently, for every negative comment toward Cardano, the market is seeing 3.5 positive comments. This is the highest since the week of Oct. 30 to Nov. 6.

As social sentiment improves, the likelihood of a range breakout also increases. However, this depends on whether the bullish sentiment turns into actual demand for the ADA token.

If the Fib levels are anything to go by, a breakout rally would likely challenge the 78.6% Fib level, which is trading slightly above the $1 psychological mark.

On the flip side, the critical support levels are at $0.66, followed by $0.53.