Cardano’s price, ever since it reached the upper resistance around $0.5 has been maintaining a notable decline until the press time. The asset appears to be mirroring the previous pattern where-in a minor jump attracts some liquidity. Further on reaching certain highs, the ADA price quickly drops significantly, shedding huge amounts of gains.
The ADA price in the past week had surged beyond $0.52 while the possibility of the price ranging beyond $0.55 had emerged. However, the rally quickly turned bearish with the fresh CPI rates being rolled out.
The ADA price with the recent price drop is pretty bearish in all the time frames at the moment. While the price is swinging within a descending parallel channel in the short time frame, the bearish descending triangle haunts the rally in the longer time frame. Moreover, the market sentiments have also turned extremely bearish due to which the price may plunge hard to reach the lower support at $0.42 very soon.
On the brighter side, if the ADA price fails to break lower and climbs a little higher, then it may initially regain the $0.505 mark. With this move, the bearish trend may be invalidated may uplift the price towards the next resistance at $0.55, while Cardano’s price could be fully under the influence of the bulls once the price surpasses $0.582.