- Cardano price plunging helped the Bears regain control.
- Despite the Bears’ dominance, the Bulls have been putting up a fight.
- The following weeks could determine where Cardano lands this year.
Cardano (ADA) recently made a remarkable breakthrough, exploding by over 32% to reach $0.37 in the wake of Ripple’s monumental victory over the SEC, helping the Bulls secure a momentous win that led to widespread optimism in the market.
Yet it seems the Bulls’ initial victory is proving fleeting, with the Bears now vying to regain control. As Cardano loses support and approaches critical levels, the question looms: Will the Bulls successfully hold their ground, or will the Bears overpower them, snatching victory from their horns?
Cardano Bulls and Bears Fight for Dominance
Cardano Bulls have been putting up a valiant fight to defend ADA’s crucial support zone between $0.32 and $0.315. Their efforts have been geared towards reclaiming the demand zone at $0.38 to propel Cardano to new heights.
However, the recent downturn in the broader crypto market, especially with Bitcoin (BTC) plunging toward the $29,000 level, has brought the Bears out of hibernation as they look to push ADA’s price further into the wilderness.
The turning point came on Monday, July 24, when Cardano Bulls struggled to hold support in the face of mounting sell pressure, leading to ADA tumbling by 4% towards the $0.30 level. Investor sentiment was tinged with panic, and the Bears capitalized on this opportunity to reclaim control.
At press time, all signals across exchanges, derivatives, and the chain were bearish on Cardano, according to IntotheBlock data. Still, despite the setback, Cardano Bulls have shown resilience in not allowing ADA to dip below the critical $0.30 support.
The Bulls and Bears are in fierce competition, and their clash could be pivotal in shaping ADA’s trajectory for this year.
What to Look Out for
Currently, the $0.30 is most crucial for the Bulls. Should ADA successfully hold above this level, investors could regain confidence, leading to a renewed bullish momentum toward the $0.38 mark, squeezing out the Bears.
However, if the Bears break the $0.30 support, they could drive ADA toward the next liquidity range at $0.25, where Cardano could consolidate for the rest of the year.
The following weeks hold significance for Cardano, and investors will closely monitor ADA’s price action to see if it stays above $0.3. The outcome of the battle between the Bears and Bulls will determine where Cardano lands this year: $1 or under $0.3.
On the Flipside
- It’s worth noting that ADA is 90% down from its all-time high of $3.1 at press time.
- Market dynamics can be unpredictable, so it is important to consider alternative perspectives and opinions when evaluating the potential future performance of Cardano.
- As a result of Bitcoin plummeting, Crypto markets saw staggering liquidation of $83 million worth of crypto assets within a mere five-minute window.
Why This Matters
Cardano’s fate hangs precariously in the balance as an intense competition unfolds between the Bulls and the Bears, determining ADA’s journey toward its all-time high. Traders and investors are all eyes on this fierce competition.
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