Cardano’s (ADA) price action was pretty bullish but the recent price actions had significantly dropped the price within the same descending triangle again. The traders are currently waiting for the confirmation of the ADA price trend and awaiting for the bulls or the bears to display their dominance.
Considering the current price movement, the chances of a correction seem very high and could drag the price below $0.55 which could further propel the price towards $0.687.
The ADA price has faced huge barriers within its rally before as the monthly resistance is decremental. Therefore, following a bullish pattern, the asset is expected to slide down heavily as an outcome of a double-top pattern.
Currently, the asset has started an attempt to break out of the lower consolidation, but bears hindered a rally below $0.6. As mentioned earlier, the price is likely to re-enter a bearish triangle amid the recent selloff. Moreover, a significant increase could prevent the asset from falling towards lower support below $0.5 and ignite a strong rally further.
While the daily RSI is displaying a bearish divergence, the MACD remains bullish with a considerate volume of buying pressure. As the asset remains swinging within a bullish formation, the possibilities of a strong surge over the markets. Therefore, in the coming 24 hours, ADA price
