Cardano Price at Pivotal Moment as ADA Trades in Descending Channel After Failed Breakout Attempt
• Cardano (ADA) price has traded inside a corrective pattern since reaching 2023 high on Dec 14 • ADA failed to break out from the pattern on Jan 11 and has fallen since • Price is currently trading below the midline of a descending parallel channel on the 6-hour chart • A breakout could lead to a 30% price increase, while a breakdown could trigger a 25% drop • Near-term price direction will be determined by whether ADA breaks out or breaks down from the current channel