Cardano (ADA) price action was quite bullish, but recent price actions had significantly pushed the price down within the same descending triangle again. Traders are currently awaiting confirmation of the ADA price trend and waiting for either the bulls or the bears to show their dominance.
Considering the current price movement, the possibility of a correction appears to be quite high and may drag the price below $0.55, which could push the price beyond $0.687 in the future.
ADA price has faced huge barriers within its rally before as the monthly resistance is decreasing. Therefore, following a bullish pattern, the asset is expected to slide sharply lower as a result of a double top pattern.
Currently, the asset has started its attempt to rise above the lower consolidation, but the bears have hampered the rally just below $0.6. As mentioned above, the price may re-enter the bearish triangle amid the recent sell-off. Furthermore, a notable rally can prevent the asset from falling towards lower support below $0.5 and trigger a firm bounce later on.
While the daily RSI shows a bearish divergence, the MACD remains bullish with considerable volume of buying pressure. As the asset continues to oscillate within a bullish formation, the chances of a strong rise in the markets. Therefore, in the next 24 hours, the price of ADA
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This post This is when the price of Cardano (ADA) can increase by 20% to reach $0.64
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