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 the 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 currently lies below the $22,000 mark, with a drop rate of 4%. Ethereum’s price dropped by $1,500 or 5%, more so.
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. Its MACD (moving average convergence divergence curve) also indicates that it is aiming for bearish forking.
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 maintain its bullish momentum, the ADA price must hold on to the $0.45 support level.
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’s value has dropped as high as 5.74. More downturns can be expected due to increased volatility and mounting bearish pressure. While the bulls seem to be trying to defeat the bears at the moment, they need to maintain the support line to swing the market in their favor.
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Featured image taken from Portal do Bitcoin. Chart by TradingView.com