Cardano price exhibited extreme bullishness as the asset brushed off the bearish effect for higher gains. The asset had previously attempted to break above upper resistance, but ultimately failed, showing a fake. With the breakout, it was believed that ADA price could drop below $0.45, but the bulls remained firm and pulled the price out of the bearish formation.
ADA price is undergoing a parabolic recovery back to these levels after being rejected just below $0.5. The asset briefly consolidated around $0.46 and recovered over 4% to $0.48. Unfortunately, it is currently experiencing a pullback at $0.48 which is expected to pull the price closer to $0.47 before the end of the day’s trading.
Despite the bearish price, the chances of ADA reaching $0.6 are very high.
- ADA price is trading within an ascending channel and has already tested and cleared the 200-day MA levels
- The price, as mentioned earlier, is experiencing a minor pullback which could drag it below the middle band for some time, followed by a significant recovery.
- The recovery could propel the price above the $0.5 level with a gain of over 6% in the next 24 to 48 hours
- In case of an extended bullish move, ADA price is expected to break higher from the channel and hit the upper resistance at $0.52, aiming to sustain the upside to gain $0.6.