Cardano continues to trade within the consolidation zone, suggesting a massive price action may soon follow
Despite the enormous efforts of the bulls, the ADA price does not appear to have achieved the $1 milestone shortly
The bears have intensified their action over the past few days as the markets consolidate within a narrow range. Solana continues to gather more attention, while the other cryptos within the top 10, along with Cardano, remain stuck within bearish claws. The ADA price is holding firmly above $0.6, which appears to have formed a strong base. Therefore, the price appears to be poised to trigger a healthy upswing in the coming days.
Cardano has been on a ride along with the entire crypto market for months, and with a bull flag playing out, it appears that the token could be due for a fresh bullish ride. The price is trading between the EMA-30 and EMA-200 and displaying to be in a decisive phase. Hence, a major price action may soon follow the Cardano price.
The ADA price is still heading sideways in this pattern and approaching the apex of the symmetrical pattern. Hence, a decision on the next price action could be made soon, which appears to be in bullish favour. The 200-day EMA may soon transform into a strong base above which the token could continue to rise towards higher targets. Therefore, in the short term, the price continues to be under bullish influence and will continue to consolidate around $0.61 for the next few days.
In the long term, the ADA price is close to the apex of the bullish pennant after surging from the lower consolidation around $0.4. Although the price may encounter a bullish breakout, it may continue to trade within the same consolidation zone. As the volume continues to drop and is dominated by the bears, the pace of the rally could slow down as the technicals are in favour of bulls.
Therefore, the Cardano price may continue to consolidate within a narrow range for some more time than expected and close the yearly trade around $0.7.