Cardano has seen reduced momentum in the past month. The price has been range-bound [between $0.156 to $0.262] for over a month. With the mainnet launched, total A staked has now hit 12.49 billion aka $1.74 billion with 31,000 delegators. The fundamentals of A look strong with the successful launch of the mainnet.
Cardano 1 -day chart
From the chart, Cardano is range-bound and needs a huge volume to break out of the resistance at $0.156. Supporting Cardano from stepping lower is the 50-DMA [yellow] acting support at $0.125. If need be, another support at $0.1205 is present.
The range-bound price-action seems to be due to active rejection at the 0.5-Fibonacci level at $0.156. Hence, breaching this would be bullish for Cardano.
Looking at OBV and the price, there is a clear formation of an exaggerated bullish divergence. Hence, a long position here would be an apt trade to take. Entry at $0.1373 seems doable with a sizeable gap between this and the stop-loss at $0.1108 would be the best play.
Considering the wicks that have constantly tested the aforementioned support at $0.1205, setting the stop-loss below this level would be the best way to go. The current position of A is an accumulation zone before the surge continues.
Based on the above entry and stop-loss, the take-profit or the target level for A is at the 0.382-Fibonacci level at $0.2625, which is a massive 88.58% surge.
The only kink in this prediction is the clear formation of the second bottom in the OBV indicator [on-balance volume]. If the second bottom sees a good bounce, then entry at the above-mentioned levels would be perfect.