Is Cardano Dead- Why ADA Price Not Impacted by the Bullish Market Sentiments?

While the crypto markets have been witnessing a sigh of relief as the Bitcoin price is trying to secure its levels above $28,000, the Cardano price is displaying a diverse action without being impacted by the bullish market sentiments. The value of the token remained unchanged for quite a long time as it is fluttering within a very narrow range from long. Hence, this stagnant behavior could become a matter of concern for the investors but may not be for a long time!

Cardano, the popular decentralized token built on Proof-of-Stake (PoS) mechanism may undergo a giant price action in the coming days. Ever since it marked its all-time high above $3 in 2021, ADA has been trading within a massive descending trend that also marked the lows at around $0.24. However, the price underwent a notable trend reversal as the crypto markets flipped since the beginning of the year. 

Since then the price has failed to secure levels above $0.4, rather than flashing acute bearish signals. However, the historical price data shows the possibility of the token becoming the highest gainer in the markets very soon. 

The weekly chart of the token displays the price to have sparked a notable flip as the price has rebounded finely. Presently, the price rebounded from the lower support at 0FIB levels and is trading within an ascending triangle. The consolidation may carry out for another couple of weeks post after which a massive upswing may be triggered to reach the next FIB level at 0.23. 

Besides, from an Elliot Wave perspective, Cardano’s price movement appears to be corrective so far. To confirm the ongoing bullish Wave 3, ADA would require a significant push towards the north. However, the market’s behaviour needs to be closely monitored as it signals the potential of a trend reversal. Hence, the levels around $1.16 appears to be pretty crucial which is achievable somewhere this year.