Cardano (ADA) is all flushed today as it plunged by 6% compared to yesterday’s high of $0.53. While the ADA is expected to remain above its 50-day moving median, it could fall further by $0.45 as bears control the market.
The weekend was a great one for ADA as the coin soared to $0.52 on July 24, Due to the Vasil upgrade, however, the coin fell to $0.48.
The ADA bulls want to get to the $0.55 resistance to have a chance at a big comeback. But if it drops to $0.45 bulls might need to do more.
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Cardano Bearish Movement Similar To Bitcoin’s
Bitcoin movement has capsized similarly to Cardano’s bearish movement. Bitcoin is currently below $22,000, a drop in price of 4.4%. Ethereum dropped by as much as 5% (or $1,500) in its price.
Other major altcoins saw their prices drop as well. Dogecoin dropped to $0.06 and Ripple plummeted to $0.34. Polkadot was also affected by the drop of 5%. Solana fell further to 6%.
As seen in the recent 24-hour candlestick chart, Cardano’s price is forming the Evening Star pattern. The price has risen to $0.53, but ADA lost its grip on the bears over the weekend and recorded a lower price point than the previous 48 hours. Although the price is still at its highest level of the 50-day moving mean, $0.53 has fallen to $0.493.
Cardano RSI fell further to 50.96 in just a few minutes, from 58.22 only a few hours ago. This indicates a decrease in market value. This also confirms ADA’s bearish momentum.
More so, the coin’s trading volume also dropped by 33% overnight which implies that is very minimal buying action taking place. The MACD, or moving average convergence divergence (or moving average convergence curve), also suggests that the coin is headed for a bearish trend.
ADA market capital at $15.4 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com
ADA Bulls Will Tilt Market Dynamics
ADA price can dangerously go down to $0.47 in the next couple of hours. To keep its bullish momentum intact, the ADA market price needs to maintain support at $0.45.
Cardano, which is currently trading at $0.457 per share, has seen a dominant bearish trend in the crypto market over the last few days. Cardano’s price action has been somewhat inconsistent over the past week, but it now seems that the bears are dominating the market.
ADA lost as much as 5.74 percent in value. As volatility increases and bearish pressure mounts, there will be more downturns. While the bulls seem to be trying to defeat the bears at the moment, they need to maintain the support line in order to swing the market’s favor.
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Featured Image from Portal do Bitcoin. Chart from TradingView.com
