Cardano Continues to Tumble as ADA Falls Below $0.27 Mark

Cardano Bulls appear to be on a hiatus as the Bears cruise comfortable into their territory.

Man crying that Cardano is flat on earth, and his t-shirt says see you on the moon, Cardano.
Created by Kornelija Poderskytė from DailyCoin
  • Cardano continues to close red after losing support at $0.3.
  • The Bears are finding no difficulties in driving ADA toward their territory. 
  • Investors are growing concerned, questioning Cardano’s ability to recover. 

Cardano has yet to find footing after a swift 5% drop on August 15. The sudden blow has knocked ADA out of its range, leaving the token struggling to recover ground as it slides into the Bears’ territory. 

Investors are now increasingly apprehensive, wondering if ADA will recover before the end of the next quarter. 

Cardano Finds No Cushion

Cardano remains in the red zone after failing to hold the critical support level at $0.30. ADA Bulls appear to be on a hiatus as the Bears cruise comfortably into their territory, even passing through the Whales’ demand zone without much resistance. 

While previously, the Whales intervened and pushed ADA back into the Bulls’ domain; their influence proved fleeting this time as the Bears guided Cardano under $0.27, marking a 13% drop over the past week. 

Since losing $0.30, traders have lost over $9 million across long positions. Investor sentiment remains predominantly bearish across the board, and liquidity appears scarce until the $0.25 mark.

Cardano price chart.
Cardano price chart. Source: TradingView.

Given the Bears’ continued dominance over ADA and the prevailing bearish conditions in the market, Cardano’s price could tap its yearly low at $0.21 and stabilize within the $0.26 range, mirroring the price action after the SEC’s crackdown

Considering current macro conditions, it’s unlikely Cardano will reclaim $0.3 any time soon. For the Bulls to reclaim control, Bitcoin has to rally above $30,000 to flip the current bearish outlook and allow altcoins to reclaim their lost valor. 

At press time, Cardano exchanged hands at $0.26, with a trading volume exceeding $300 million, and Bitcoin, in contrast, traded at $28,000. 

On the Flipside

  • Market dynamics can be unpredictable, so it is essential to consider alternative perspectives and opinions when evaluating the potential future performance of Cardano.
  • Santiment revealed a 52% decline in Daily Active Addresses when Cardano (ADA) slipped below $0.3 on August 3, leaving the network with 36,000 active wallets.
  • The recent crypto market downturn led to a rise in the percentage of Cardano holders experiencing losses, reaching 89%.
  • The recent market-wide altcoin crash wiped $12.8 billion from token market capitalization

Why This Matters

Cardano’s underwhelming price performance this year has greatly hindered its plan to reclaim $1 before the end of the year. Investors and holders could potentially exit out of frustration unless the Bulls make a comeback before the end of the next quarter.

More on Cardano:
“Cardano is Here to Stay,” Lauds Founder as ADA Plummets

More from Cardano’s ecosystem: 
How Cardano Manifests Voltaire Era with SanchoNet

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.