The crypto market sentiments have turned largely bearish as the recent push resulted to be a short-term bounce, trapping the bulls. Cardano’s price has raised beyond $0.37 for a while, which stands rejected at the moment and plunged below $0.36. Although the trend continues to remain bearish, in a wider perspective ADA price flashes bullish signals.
Considering the ‘In-Out Money’ data which determines the average cost at which the token was purchased, it appears that the ADA price may find it extremely difficult to trigger a breakout.
Nearly 215,000 addresses have acquired ADA within the range between the range $0.35 to $0.37 which has created a strong resistance level. The ADA price is currently trading at $0.36, presently, Despite the current descending trend, a lot of factors may contribute towards the recovery of the token.
Besides, The ADA price is trading within the bullish range by reaching a potential reversal zone (PRZ).
The ADA price is trading along the support levels within the falling wedge pattern and approaching the bottom of the wedge area. Besides, a divergence in the MACD levels can be expected in the near time which may assist the price to break out of the pattern and rise finely. With a breakout, the chances of rising beyond $0.4 to reach $0.45 emerges while a breakdown may trigger a fine bearish wave, invalidating the bullish thesis.
