The Cardano price has remained extremely bearish ever since it lost the crucial $1 mark. Moreover, the extreme market conditions compelled the price to remain drained below the $0.6 levels of the past couple of months. The bears also attempted to drag the price lower below the crucial resistance, but the asset managed to rebound and is presently trying hard to lay down a firm upswing soon.
The price of ADA has been facing a major liquidity crisis since mid-June, and because of that, the asset’s volatility has been declining substantially. The asset has been on a sustained move to reach the upper resistance but failed each time, marking a low of $0.425 and reaching a sell-stop level to attract bulls.
However, the bulls continue to remain distinct till now as the recent development could see ADA price clearing the $0.472 resistance, beyond which an upswing beyond $0.505 may be triggered.
ADA price, which was hovering within a bullish falling wedge, appears to be breaking the wedge any time from now. The price is facing some resistance at the upper resistance of the channel, but it could provide a strong base for a rally from the lower demand zone. Therefore, after a brief consolidation, ADA price is likely to rally very soon and reach the $0.48 level very soon.
On the other hand, if Cardano(ADA) price fails to sustain above $0.425, then it may invalidate the bullish trajectory, displaying the weakness of the bulls. In such a case, the price may drop back to the $0.415 support zone and may consolidate for a while.
