While the Bitcoin prices are attempting to stabilize as quickly as possible, the altcoins are showing huge bullish momentum in order to get back to their initial levels soon. However, Ethereum prices still remain below $4000, while BinanceCoin is below $550. Yet Cardano(ADA) price remains extremely bullish sustaining strong above $1.2 refusing to revisit lower levels. Nevertheless, the possibilities of a notable downtrend are still haunting the rally.
The ADA price remained constant for more than a month before it fell into bearish divergence draining the price below $1.5 levels. However, the initial target of the asset would be to regain this lost position and before these yet another drop could be expected any time from now. The drop no doubt will be a short-lived one but much required so the bulls quickly enter the space and thrive.
- The ADA price is yet again continuing to follow a descending channel which it began since the early November
- Despite attempting to break through the descending channel, it faced multiple rejections on time.
- Following the trend, the ADA price could eventually drop towards the lower support levels close to $1.
- Further an unexpected bounce could reverse the trend and uplift towards the immediate resistance levels around $1.5
- However, the support levels at $1 appears to be very strong and hence could hold strong in case of any price drop
Currently, the ADA price is around $1.26 with a jump of nearly 2.24% with a depleted trading volume of nearly 2.67%. And a slight pullback may be on its way as the RSI is consolidating around the bottom. Moreover, MACD in the long term shows the selling pressure has piled up for a long and currently is reducing a bit. Therefore showcasing an extremely bullish trend awaiting ahead in the coming days.
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