Cardano (ADA) price had stalled after falling off a big mountain. The sixth top crypto asset in recent times has racked up significant gains and may continue to rise in the upper testing high price zone. In the short term, the asset may face an intermediate decline, but in the long term, the price of ADA is extremely bullish.
Since then, the ADA price reached highs above $3 and maintained a noticeable downtrend, floating within a descending parallel channel. The price continued to oscillate inside the descending channel for quite some time, during the fourth quarter of 2021, without being able to find the lower support.
However, with the recent reversal holding for longer, it appears that ADA price has finally bucked the downtrend altogether.
ADA price has reversed its trend after touching the middle bands of the descending parallel channel and turned upside down noticeably.
The current uptrend seems to be escorting the price towards the immediate resistance at $1.48, which may continue to rally beyond $1.6 and eventually reach the crucial resistance at $2.1 above the $1.90 levels.
However, it is now very important that the bulls remain active as the bears have a chance to regain power again.
This post Cardano (ADA) Looking For A Breakout, A Scalp To $1.23 May Be Extremely Possible! – Coinpedia – Financial Technology and Cryptocurrency News Media
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