Cardano Bears Push ADA Bulls to Line of Defence at $0.24

Cardano Bulls find themselves under immense pressure to orchestrate a comeback as ADA approaches crucial levels.

Bear looking tired resting on top of a Cardano coin in front of his cave.
Created by Gabor Kovacs from DailyCoin
  • Cardano Bears’ dominance has yet to wane. 
  • The Bulls have one more chance to resurge as ADA approaches crucial levels. 
  • Should the Bulls fail, ADA could witness another yearly low. 

Cardano Bulls remain sidelined as the Bears push ADA further into the depths. With ADA again approaching dangerous levels, investors remain on the edge of their seats, hoping for a positive reaction from the Bulls. 

The question remains: Will the Bulls break through the prevailing bearish sentiment, or are we poised to witness another yearly low? 

Cardano Bulls’ Last Chance to Come Back

Despite several attempts by the Bulls to stage a recovery, the Bears maintain their unwavering dominance, showing no signs of weakness. Since Cardano lost its grip on the critical $0.3 price level in August, every bullish momentum has proved to be fleeting, with the Bears consistently driving ADA back into their territory.

ADA’s underwhelming performance has cast a shadow of fear, doubt, and uncertainty, with over 96% of holders remaining in losses. This has led to sentiment across the exchange, derivative, and on-chain markets to remain predominantly bearish since August.

ADA price chart.
Cardano Price chart. Source: TradingView.

As Cardano consistently fails to impress, the likelihood of it reclaiming the $0.3 mark by year-end grows increasingly dimmer. Instead, with the Bears eyeing liquidity at $0.21, ADA could see another leg down to register a new yearly low. 

At the time of writing, ADA exchanged hands $0.245 with a daily trading volume exceeding $100 million. The Bulls now find themselves under immense pressure to orchestrate a solid comeback as ADA approaches crucial levels. 

With macro conditions not showing clear biases, the upcoming weeks will be key in determining which investor camp takes the reins. 

On the Flipside

  • Market dynamics can be unpredictable, so it is important to consider alternative perspectives and opinions when evaluating the potential future performance of ADA.
  • Cardano’s underwhelming price performance has decreased its yearly growth to 0%. 

Why This Matters

Cardano is at risk of an investor exodus as it struggles with its price performance. Despite its growth on various fronts, Cardano’s developmental leaps have failed to influence the token’s price, further raising investor concerns. 

Read why the Cardano community is bittersweet about Project Catalyst’s results:
Cardano’s Catalyst Funding Round Ends With Cheers and Jeers  

Read how the Cardano community reacted to a research criticizing its TPS:
Cardano Community Strikes Back at Researcher’s TPS Critique

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Insha Zia

Insha Zia is a crypto journalist at DailyCoin who specializes in NFTs, Metaverse, and Web Gaming. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.