The entire crypto space is undergoing an extreme roller coaster ride currently. The most thrilling rally is of Bitcoin, which is getting rejected again and again close to $50K. And hence the altcoins are also acting accordingly. Ever since BTC price was coiling up towards $50K, other altcoins also followed a notable bullish momentum in no time. And hence the assets like Cardano(ADA) maintained a silent rally appear to have chosen the upward trajectory.
The Cardano price is trending within a descending channel for the past month. It has constantly attempted to slice through the levels but failed. However, the ADA price is yet again repeating its attempt once again and it’s pretty clear that the asset may be successful. Cardano is setting the plot for the past couple of days and slowly coiling up towards the upper resistance levels.
The ADA price is currently moving slowly yet steadily and consolidating in a smaller time frame. The more the asset consolidates, the larger chance of the asset to coil towards its strong resistance area above $2. The selling volume is currently higher compared to that of the buying and hence the price lags the boost required to barge in these levels. However, the asset is expected to maintain the lowered pace and eventually maintain a substantial uptrend for the next couple of days.
Collectively, Cardano price is gearing up slowly similar to that of Ethereum in order to showcase a slow yet steady rally. And therefore, the resistance despite being pretty much distinct could be attained very soon.