Cardano Turns 7 Today: Will the ADA Price Ever Respond to Bullish Action?

Cardano’s volume has dropped significantly in the past few months as the bulls seem to have shifted their focus to other tokens.

Cardano's volume has dropped significantly in recent months as the bulls shifted their focus to other tokens. Despite a couple of bullish breakouts in the market, ADA's price remained consolidated below $0.5. Furthermore, ADA's price dropped below $0.4 and failed to regain the lost ground.

The third-generation token's lack of response to the bullish action has sparked concerns among market participants, leading to a decline in ADA's presence on social media platforms.

The number of Reddit subscribers has been decreasing, with active users on the platform dropping below 100. Additionally, there has been a gradual decline in the number of users in the crypto's primary Telegram channel, indicating a loss of interest.

To mark its 7th birthday, the token may experience some bullishness. However, technical indicators remain bearish, with the RSI undergoing a bearish reversal after hitting the upper threshold and the MACD showing a massive drop in buying pressure, which may lead to a bearish crossover.

One popular analyst, ALI, has identified a "sell signal" for the ADA price rally. The TD sequential indicator is used to pinpoint the exact time of trend exhaustion and potential price reversals. This indicator has just turned bearish, flashing a sell signal and indicating a potential short-term correction.

Therefore, ADA's price could experience a pullback below $0.38, which should not be mistaken for a descending trend. In the long term, the price has surged above the descending trend line, indicating increasing bull strength.

On the weekly chart, ADA's token has broken out of the multi-year descending trend line. After remaining under extreme bearish influence, both the MACD and the DMI are now on the verge of a bullish crossover.

These could be early signs of a potential rally, as Cardano's price has not made any major moves in the past 46 weeks after surging from $0.28 to $0.78. As a result, another $0.05 to $3.10-like rally is highly anticipated for the token in the coming days.