Cardano’s price has been relatively stagnant ever since the asset witnessed a magnificent drop from levels above $0.42. The market crash dragged the token below the crucial levels, which were supposed to be held firmly to mark new lows just above $0.3. Meanwhile, a minor upswing enabled the price to rise above $0.33, where it appeared to be stuck for the past few days.
The price, along with many other altcoins, is exhibiting intense weakness as BTC remains largely stable. Meanwhile, market participants are quite bullish on ADA price and the entire crypto space, regardless of the current market conditions.
The ADA price is trading within a descending pennant since the beginning of the month. Meanwhile, a minor attempt is underway to break above the bearish pattern which may rise the price beyond $0.34, initially. On the other hand, if the bullish attempt ceases, the price may eventually drop back and test the levels close to the support at $0.31 and rebound firmly.
The RSI or Relative Strength Index is rising as it is following a descending trend line. Considering the RSI movement, it suggests that a minor pullback is imminent before a significant upside move is imminent in the coming days. The MACD is also on the verge of giving a bullish signal in the long term, which could accelerate towards $0.4 in the next 7 to 10 days.
