The third-generation token, Cardano, rose to fame before the second phase of the 2021 bull run after rising above $3, but it has failed to attract users’ attention since then. Although the start of the year triggered significant bullish waves, the token failed to keep up the upswing, and a notable shift was observed away from crypto. As a result, the ADA price has been ranging within an extended consolidation phase, which may compel the token to maintain a sluggish trend for the rest of 2024.
Will the ADA price ever reach $1?
Ever since the price dropped from $0.5, the bears have held a strong grip over the rally. They have been restricting the rally from revamping a powerful ascending trend that could have elevated the price beyond the bearish captivity. However, the decrease in the volume validates the traders being repulsive, which could be a matter of concern for the ADA price rally. Meanwhile, some indicators suggest a lower possibility of a rebound, which may be stabilised if the bulls manage to push the prices above the pivotal ranges.
The long-term price action remains prone to an extended bearish action as the trade is stuck within a descending parallel channel. Meanwhile, the price is stuck around the average bands of the channel, suggesting the trend is within a decisive range. However, the token is trading along the average bands, indicating a significant decrease in the volatility of the token. Also, the depleting on-balance volume validates the bearish claim, pointing towards a drop in the trader’s interest, which could be a huge matter of concern.
Besides, the RSI displays fewer chances of a rebound as it aims to rise above the ascending trend line. If the levels reclaim above the zone, there could be some possibility of rising above the average bands of the channel. Meanwhile, the bears have held the levels around $0368 as the token is failing to rise above the zone.
The market dynamics appear to be waiting for the U.S. elections and the result is expected to increase the volatility among the markets. In such a scenario, the Cardano (ADA) price could rise above $0.4, which could break the descending parallel channel and initiate a fresh ascending trend ahead.
