Cardano’s price has been relatively stagnant ever since the asset witnessed a magnificent drop from levels above $0.42. The market crash dragged the token below the crucial levels, which were supposed to be held firmly to mark new lows just above $0.3. Meanwhile, a minor upswing enabled the price to rise above $0.33, where it appeared to be stuck for the past few days.
The price, along with many other altcoins, has been displaying acute weakness as the BTC price remained largely stagnant. Meanwhile, market participants are quite bullish on the ADA price and the entire crypto space, regardless of the current market situation.
The ADA price is trading within a descending pennant since the beginning of the month. Meanwhile, a minor attempt is underway to break above the bearish pattern which may rise the price beyond $0.34, initially. On the other hand, if the bullish attempt ceases, the price may eventually drop back and test the levels close to the support at $0.31 and rebound firmly.
The RSI or the Relative Strength Index is incremental as it is following the lower trend line. Considering the RSI movement, it suggests that a minor pullback is imminent to lay down a significant upswing in the coming days. The MACD is also on the verge of flashing a bullish signal in the long term which may lay down a significant upswing towards $0.4 in the next 7 to 10 days.