The cryptocurrency market is currently in a state of uncertainty as the end of the year approaches. While there is a general expectation of a bullish trend, top cryptocurrencies like Cardano are showing signs of sluggishness. ADA, in particular, is struggling to establish a strong upward trend, with the price consistently forming lower highs and lows.
The daily chart for ADA indicates that the price is following an inverse v-shape pattern, which could potentially lead to a drop back to around $0.4. The decrease in volume suggests a decrease in volatility, raising concerns about future price movements in 2025. With the current trend, it begs the question – is the bull run over for ADA? Will the price fail to align with the overall market trend as seen in the past?
Looking at the historical price chart for ADA, there is still potential for a strong bull run if the token can initiate a rebound from current levels. While it failed to break above the resistance zone between $1.29 and $1.5, the price is holding above a strong support zone between $0.78 and $0.85. Additionally, the price has broken a multi-year descending trend line, signaling a possible trend reversal.
The Gaussian channel has recently turned bullish after a bearish period, indicating a shift in momentum. However, the MACD shows a decrease in buying pressure with a bearish crossover looming. Despite this, the levels remain positive, suggesting a potential rebound following the crossover.
In conclusion, if Cardano can maintain its position above the support zone until the end of the year, there is a possibility for the price to reclaim $1 in early 2025 and continue on an upward trajectory. The key will be to monitor how ADA performs in the coming weeks to gauge its potential for a bullish resurgence.