The market participants are eagerly waiting for the Cardano price to reach $0.4 sooner rather than later. Meanwhile, the token appears to have entered a prolonged relaxation period, as the bulls are displaying no interest in accumulating the token. ADA, which was once valued as equal to Solana (SOL) back in 2020, has now become equal to 400 ADA tokens. This suggests the ADA price rally could be dead as they are missing a major catalyst required to trigger a monstrous rally.
Recently, the Cardano ecosystem underwent a key major upgrade, which resulted in a historical increase of over 96 million transactions. Regardless of this, the price failed to surpass the resistance, raising concerns over the next price action.
The weekly chart of Cardano suggests the bulls are going in passive mode, regardless of the market volatility in the first few weeks of the year. The price made a move to $0.75, which revived the possibility of achieving $1. However, the bearish action that followed compelled the price to remain within a steep descending trend. Additionally, the bears are successfully restricting the rally below $0.4 while the other tokens, which were facing a similar consolidation, broke out of range much before.
Is Cardano dead? Will the ADA price not reach $1 in 2024?
As seen in the chart, the ADA price is again testing the multi-year descending trend line, which has been acting as a strong resistance. The Bollinger bands and DMI levels go parallel to each other, suggesting less activity of bulls & bears. However, the MACD has shown some bullish possibilities as the levels are close to undergoing a bullish crossover as the selling pressure has dropped. If these levels enter the positive range, the price may gain $0.75, and a sustained jump could trigger a fine ascending trend.
Hence, the Cardano (ADA) price rally may be slightly slower than others, but still, it cannot be considered dead, as a massive move is incoming.
