The price action of Cardano (ADA) is quite bullish, but the recent price action has once again sent the price sharply lower within the same descending triangle. Traders are currently awaiting confirmation of the ADA price trend and waiting for the bulls or bears to show their dominance.
Considering the current price action, the possibility of a correction seems high, possibly dragging the price below $0.55, which could lead to further gains above $0.687.
ADA price hit a huge hurdle in the previous rally as the monthly resistance is decreasing. Therefore, after the bullish pattern, the asset is expected to decline sharply due to the double top pattern.
Currently, the asset has started to try to surpass the lower Consolidation, but bears hampered a rally just below $0.6. As mentioned, the price may re-enter the bearish triangle amid the recent sell-off. Furthermore, a significant upside could prevent the asset from falling to lower support below $0.5 and trigger a strong rally.
While the daily RSI shows a bearish divergence, the MACD remains bullish with considerable buying pressure. The market could see a strong surge as the asset remains volatile within a bullish pattern. So, in the next 24 hours, will the article ADA Price
be useful?
