After trading within a falling wedge since the start of the year, the ADA price reached its apex. The latest bullish push within the market triggered a 20% rise
Cardano's (ADA) price has been trading within a falling wedge since the beginning of the year, and recent price action suggests that the apex of the wedge has been reached. The latest bullish push in the market triggered a 20% rise, helping ADA price levels pierce through the upper resistance. However, the bulls seem to have lost their grip on the rally as the price levels have dropped back to the resistance-turned-support levels.
The daily chart above showcases ADA price at the foothills of a massive breakout, as the levels seem to have completed the retracement after breaking above the falling wedge. The RSI had initiated a bearish divergence, while the current action displays a halt in the descending trend. Moreover, the supertrend continues to remain bullish despite the mounting bearish pressure in the markets.
Therefore, the token showcases the possibility of a bullish reversal, which may elevate the levels above $0.44 initially and later to $0.5. However, a rejection from the $0.43 levels could also be possible, which may form a double-top pattern, hovering bearish clouds over the rally.
Currently, it seems highly unlikely for the price to make it to $1 if the bulls do not appear to be prepared to back the token with sufficient liquidity. However, the reclamation of bullish dominance in the markets may revive strong bullish momentum, which could further push the prices closer to the milestone.
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