Cardano crypto price has been trading within a deep bearish well for quite a long time and has reached the lowest-ever levels in the past 20 months. While the scope for a rebound & a strong recovery has faded, reviving the possibility of a bearish close for the month. However, the prices are still expected to rebound finely, eliminating the bearish captivity at the earliest.
The Cardano Vasil hard fork recently went live to improve the throughput of the platform. While the performance of the project increased significantly, the impact on the native token ADA Crypto remained quite small. Hence the price has a declining trend and is currently hovering within a very narrow range for the past few days.
The ADA price in the short term is trading within a symmetrical triangle, intending to rise towards the upper resistance. As the RSI of the crypto is ranging high along the lower trend line, the price is also expected to rise accordingly. Once the price reaches the apex of the triangle, a massive breakout is expected that may elevate the price close to or beyond $0.4.
Although this increase may be time-consuming, one can expect the level to cross $0.4 before the end of the day if the price volatility increases during the day.
Cardano is manifesting huge possibilities of outpouring traditional cryptos such as Ethereum in the coming 6 to 10 years. As per Ben Armstong, the founder of BitBoy Crypto, ADA may even surpass ETH’s market cap in the coming years, as ETH is believed to experience a liquidity crisis very soon. Therefore, while the yearly close may be bearish, the trade set up for the coming years could be extremely bullish for the ADA crypto price.
