Cardano Bulls Struggle to Hold Support as ADA Nears $0.3

Cardano Bears are now vying to regain control as they challenge the Bulls’ dominance.

A bull on a Cardano planet upside down.
Created by Kornelija Poderskytė from DailyCoin
  • 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. 

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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. 

Cardano investor sentiment.
Investor Sentiment. Source: IntotheBlock

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. 

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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

Cardano price chart.
Cardano Price Chart. Source: CoinMarketCap.

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. 

Read the last DailyCoin Regular: 

DailyCoin Regular: IOG Drama, Mithril Mainnet, Bullish Recovery

More on Cardano: 

How Cardano’s Mithril Evolves Nodes and Catalyzes Growth

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.

Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. 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.