Has Cardano Rally Called Off? Will ADA Price Remain Within Consolidated Range? Here’s What You Should Know
ADA price is short-term, suggesting a pullback is likely as bulls remain passive. After entering the top 10, the coin tends to follow in the footsteps of star coin Bitcoin, struggling to rise and stay above the $100,000 threshold. Additionally, Ethereum also fell below $4,000, which created ripples in the market, including a rise in Cardano price. The third-generation coin has reached levels that have not been tested in the past few years and if held firmly, is also expected to break above the overhead resistance.
this ADA price The coin has been in a sharp falling wedge since the ATH rejection, sparking a 125% rally after breaking out of that range. The current trading pattern suggests that the bulls have entered the exhaustion phase after printing a large number of bullish candles for 5 consecutive weeks. As a result, the price of the Cardano cryptocurrency is believed to be trading range-bound for a few days until liquidity flows back into the asset.
The weekly chart of ADA price growth shows that regardless of the recent gains, the coin remains bearishly affected. Despite the over 125% price increase, the Gaussian Channel remains bearish. The channel indicates an upward trend pattern and also indicates potential trading opportunities. A move above the upper limit of the channel indicates that the coin has reached its highest volatility levels, which could open the door to a trend reversal or correction. Therefore, the channel remains bearish and the RSI divergence confirms this statement.
Meanwhile, the current pullback could also provide a good entry point around $0.984, or $0.748 if the market corrects more sharply. After the rebound, a new ATH may be on the way, just like what happened before the 2021 bull run. Therefore, ADA price is expected to start rising after a brief reversal to lower targets, and any range below $1 can be a good entry point as the price is expected to rise above $5 in the upcoming bull cycle .
