The crypto space seems to have recovered from the recent loss as Bitcoin price is yet again on the verge to smash $50K. Cardano price after experiencing extreme drain and narrow trend from a month has flipped the scenario. Yet soon after breaking through the bearish trend, the asset re-entering the same consolidation surfaces. And hence it’s very much important for the ADA price to sustain above the current levels.
The recent sell-off amid the China FUD has cost the entire crypto space to a large extent. Most crypto assets have plunged drastically by nearly 25% in a very short span of time. However, the recovery was initiated within no time. Currently, the formation of the Doji candle in the daily time frame signifies the lock horns between the bulls and the bears.
- The ADA price broke through the descending parallel channel in the early trading hours. Currently it is trying hard to sustain within the levels to avoid a fakeout
- The asset needs to test and clear the local resistance at $1.513 in order to certify with an uptrend
- The bears are making every attempt to drag the price within the descending channel yet again. However, bulls are preventing doing so
- Yet the mandatory resistance levels to clear remains around $2.4 that could reignite the bull run very soon
Interestingly, while the asset’s narrow trend has frustrated many, some see a nice opportunity to enter the deal. One of the popular analysts, Micheal de van Poppe believes that it’s the right time to start looking for longs.
The analyst says that if any asset drops more than 60% and the market sentiments turn pretty bearish, then it’s a good time to enter the long trade. He also says that currently, it is a good time to enter with trade, not only with Cardano but also with the entire crypto space.
Overall, Cardano appears to be in a pretty strong position which may flip very soon, anytime from now. The market sentiments are turning from being uncertain towards a little hopeful of the uptrend to resume soon. And hence it may be a good time to enter the trade as ADA price may go completely bullish any time from now.