Cardano is among the chains that are considered passive or also dying by many. Besides, the ADA price is also considered dead as it failed to gain a huge upswing. However, the bullish consequences of the platform continue to persist as the chain prepares for a hard fork called, Cardano Node 9.0. This is expected to prepare the blockchain for the Cardano Chang fork, which is the road to the Voltaire era.
No sooner than the founder, Charles Hoskinson, shared the update, the ADA price began to gain some momentum. Although no specific rise in volume was recorded, the trade set-up suggests the price is closer to undergoing a massive price action. Ever since the token faced rejection from the yearly highs close to $0.8, the trend has been under extreme bearish influence. Moreover, the rally has been stuck below $0.5 for more than a couple of months.
Therefore, the current trade set-up suggests the price may soon witness a drop in the selling pressure as the bulls are gearing up to materialise a fine ascending trend.
The ADA price faced a 50% pullback in the past few days, which has caused disbelief among the market participants. This has hampered the buying pressure, as the bears have held enough dominance over the rally. Despite multiple attempts, the price is constantly failing to surpass the crucial 50-day MA, which validates the bullish influence over the token.
On the other hand, the technicals like OBV or on-balance volume, are heading towards the lower threshold. As it is a momentum indicator, sliding levels indicate the sellers have an upper hand over the buyers, and hence the trend may maintain a descending trend. Considering the chart patterns, the ADA price is stuck around the 0.382 FIB level and a pullback to 0.236 may attract fresh liquidity onto the platform.
Collectively, the Cardano price continues to remain sluggish, with fewer possibilities of a breakout as the trend remains within a range-bound. Therefore, a 12% drop may attract fresh liquidity, which could help the price head towards 0.5 FIB above $0.5.