- Cardano recently fell through support following Bitcoin’s plunge below $29,000.
- The Bears capitalized on investor panic to break through the Bulls’ defense.
- Cardano Bulls have since regained control and have been putting up a fight.
Cardano Bulls and Bears are fiercely competing for dominance over ADA’s price action. While the Bulls recently charged ahead in pushing ADA beyond the $0.31 mark, their tenacity appears to waver as the Bears threaten to drag ADA back below the $0.3.
The tug-of-war between the two camps has investors on edge, closely monitoring where ADA goes next, leading to the question: Will the Bears take the reins in sending ADA into the wilderness, or will the Bulls show resilience?
ADA Fumbles
With the Bears’ dominance becoming increasingly evident, Cardano Bulls’ resolve is being tested as they struggle to maintain ADA’s price above critical support levels between $0.30 and $0.315.
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The recent downturn in the crypto market, especially with Bitcoin (BTC) plunging below $29,000, has brought the Bears out of hibernation as they look to push ADA’s price down toward their territory.
On August 1, Cardano Bulls’ defense briefly faltered, leading to ADA tumbling by 8% to the $0.295 mark. The sudden dip triggered panic among investors, allowing the Bears to pounce on the opportunity and reclaim control over ADA.
However, the Bulls swiftly regained their footing, pushing ADA back above $0.30 in the next candle, proving they aren’t going down without a fight. Despite their resilience, It’s worth noting that at press time, all signals across exchanges, derivatives, and the chain were still bearish, according to IntotheBlock data.
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The following weeks will be pivotal for Cardano as the battle between the two investor camps unfolds, ultimately dictating where ADA heads next.
What to Look Out For
Currently, holding ADA above $0.30 is most crucial for the Bulls. Over the following weeks, Cardano could print some wicks below support on lower-time frames, but such occurrences should not be a major cause for concern. ADA is expected to trade sideways during this period until market volatility picks up again. The focus remains on the crucial support level, and investors will closely observe how ADA performs.
Should ADA successfully hold above $0.30, despite the market plunging, investors could regain confidence, potentially sparking bullish momentum that could drive the price beyond $0.35.
However, if the Bears prove dominant over the Bulls in breaking the support at $0.30, they could push ADA toward the next liquidity range at $0.25, where Cardano could consolidate for the rest of the year.
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 $108 million worth of crypto assets.
Why This Matters
Cardano’s journey toward the coveted $1 mark remains challenging. The battle between the Bulls and the Bears will ultimately determine the direction in which ADA moves. Market dynamics and investor sentiment will play a crucial role in shaping Cardano’s trajectory in the days to come.
Read how Cardano outshined its competitors:
Cardano Boasts Zero Downtime in Over Six Years, Outclassing Competitors
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