Cardano Heading Towards a Pivotal Resistance—Will ADA Price Rise Above $1 in February?
Cardano is among the tokens that have followed a slow and sluggish price action for a long time. Meanwhile, the token triggers a fine upswing while the global markets remain calm and a similar price action is expected to begin anytime from now. The ADA price is reciprocating the previous pattern, which suggests a parabolic recovery to the yearly highs may eventually lead towards a 10x rally to mark a double-digit figure in the coming days.
With the bullish sentiments hovering over the ADA price rally, will the price reach $1 this month?
The ADA price is in green today and has gained levels above the crucial resistance at $0.8 to reach levels above $0.81. Therefore, the token is believed to follow the recent BNB price rally, which broke above the crucial range at $700 but failed to hold. Hence, the Cardano price is primed to rise above $1 but here is the major resistance to achieve before reclaiming the yearly highs.
After the rejection from the interim highs of around $1.2, the ADA price began to trade within a descending parallel channel. The token tested the lower support and triggered a rebound, which does not appear to be strong enough to sustain. The token is trading between the 50-day & 200-day which keeps up the hopes of a bullish continuation. Meanwhile, the RSI & Ichimoku cloud patterns raise some concerns.
The +Di & -Di of the cloud were heading towards a bullish crossover, which could have indicated the start of a bullish trend, but the +Di refrained from doing so. Besides, the RSI displays a bearish divergence after testing the descending trend line, which has been a resistance since the November breakout. Hence, the current ADA price rally is expected to be a short-lived one that may face rejection after rising above $0.85 as the bulls appear weak.
Therefore, the path towards $1 seems to be a tedious one as the buying volume also drops significantly for the Cardano (ADA) price rally. Hence, the crypto markets are required to gear up and surge, which may mount bullish sentiments around Cardano that may positively impact the price in the coming days.
