Cardano(ADA) Price Sustain Above Crucial Levels, Yet Uptrend Still Misty!

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The crypto space is draining yet again with notable crypto assets plunging at a notable pace. Bitcoin price is trending below $49K while Ethereum price is dropping below $4000 every day from the past 3 to 4 days.

Despite a short time drain, ETH price raises again and so do the other altcoins in the space. Cardano price also which had sustained hard just above the descending trend is on the verge to enter the phase yet again. 

Will ADA Price Rise above $1.5 ?

A hell lot of selling pressure has accumulated all of sudden as the bears just barged in the platform. Therefore the ADA price just lost a little grip over the uptrend, yet appears to have managed the situation to a large extent.

The trading volume which had dipped profusely mainly due to the lack of buying volume. However, a minor buying is currently going on which is attempting hard to prevent the price from drowning below $1.3. 

• The ADA price in the smaller time frame is hovering within the symmetrical triangle, the apex being at a little distance 

• The asset is testing the 100-day MA levels from past couple of hours and currently failing to surpass and also refusing to plunge below the levels

• Chances of the price falling apart the triangle appears pretty high in the short-term, yet it may re-enter the triangle after a small retest

• However, the levels at the 200-day MA may be the crucial resistance to test in order to maintain the uptrend. 

• If the price falls into the bearish trap which is very much unlikely, the $1.3 levels could be regained within a very small time frame as these levels have become one of the notable support levels. 

• Considering the technicals, RSI is about to flip from the bearish divergence and MACD is currently showcasing yet a fresh amount of selling pressure but its due to the lack of buying volume and not extensive selling. 

Collectively, technicals suggest a short term consolidation just below the current levels possible in the short term, yet the long term is pretty bullish. And hence once Cardano(ADA) price flips the $1.5 resistance levels, then the uptrend is validated.