Cardano price after a long time is manifesting the probability of spiking high to hit the initial target around $1.5. The asset maintained a consistent downtrend even the times when the entire crypto space attempted a long jump during mid-November. History tells the asset does not remain within these levels for a long time neither plunges down breaking these levels. And hence a notable rally could be well in place that could test the initial target of around $1.5 soon.
What’s Next For Cardano (ADA) Price?
The ADA price currently, is trending within the same descending channel as before but appears to have reached the apex of the pattern. And hence the asset could make a decision regarding the next move which could be pretty notable. A nice bounce from these levels which are much expected may assist the price to reach the immediate resistance levels above $1.6 in the short term. While the target for Q1 still remains pretty much distinct.
The ADA price at the press time in the higher time frame has entered the crucial support zones and made every effort to flip from these levels. However in the smaller time frame, the asset has already initiated a flip with a huge buying wick, where-in the bears were rejected mercilessly. Yet still not able to barge out from the support zones as the buyers appear a little exhausted at the moment.
Luckily the bear remains passive at the press time which may give little more strength for the bulls to uplift the price above the crucial support zone. Despite the downtrend, yet the technical indicators point out towards a ‘Strong buy’ signal where-in most of the indicators point out towards a bullish signal. Overall, Cardano(ADA) price after a pretty long time has manifested an extremely bullish trend and yet again may spike high while most of the crypto assets maintain a silent trend.,