Cardano’s price, ever since it reached the upper resistance around $0.5 has been maintaining a notable decline until the press time. The asset appears to be mirroring the previous pattern where-in a minor jump attracts some liquidity. Further on reaching certain highs, the ADA price quickly drops significantly, shedding huge amounts of gains.
The price of ADA surged above $0.52 last week, while the possibility of a move above $0.55 appeared. However, the rally quickly turned bearish with the introduction of new CPI rates.
The ADA price with the recent price drop is pretty bearish in all the time frames at the moment. While the price is swinging within a descending parallel channel in the short time frame, the bearish descending triangle haunts the rally in the longer time frame. Moreover, the market sentiments have also turned extremely bearish due to which the price may plunge hard to reach the lower support at $0.42 very soon.
On the upside, if ADA price fails to break lower and climbs a little higher, it is likely to hit the $0.505 mark initially. With this move, the bearish trend could be invalidated, the price could move towards the next resistance at $0.55, while Cardano price could be completely under the influence of the bulls when the price crosses $0.582. Is.
