- Cardano Bulls made a surprising comeback in pushing ADA above $0.28.
- The Bears quickly overpowered the Bulls in driving ADA back into their territory.
- Investors grow worried about ADA’s trajectory.
Cardano Bulls recently pumped ADA, sparking hopes of a potential rally and reclaiming the $0.3. However, their feature remained brief after the Bears stole the show in taking over ADA’s price action.
Investors now grow worried as Cardano shapes up a worrying trend, wondering if ADA will even make a comeback this year. The short answer? Things aren’t looking favorable.
ADA Pumps Following Grayscale News and Dumps
After being conspicuously absent for weeks, Cardano Bulls made a surprising comeback, wresting control from the Bears’ claws, all thanks to Grayscale’s momentous victory over the SEC.
In a market where most anticipated ADA’s plunge to this year’s low, given the prevailing bearish outlook, Cardano defied all expectations by surging 8% to reach $0.28, inching close to the critical $0.29 level. However, the bullish momentum was short-lived, as the Bears swiftly regained their footing and pushed ADA back down into their territory at the $0.25 mark, resulting in a complete retrace of the rally.
The Bears have been immutable this quarter as they maintain dominance and set their sights on driving ADA to $0.21, leading to investors shifting toward a bearish outlook for the foreseeable future. According to IntotheBlock, exchange, derivative, and on-chain markets remained bearish at press time. The notion was further reinforced by Cardano’s long-to-short ratio flipping from positive to negative.
Considering the overall bearish outlook of the crypto market coupled with the Bulls’ weakness, the likelihood of Cardano reclaiming $0.3 grows dimmer. Based on ADA’s recent performance, the token will likely range between $0.22 and $0.26 until the end of the year, much akin to the price action preceding the SEC’s crackdown.
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 a mere 4%.
- IntotheBlock reports that over 92% of ADA holders remain in losses.
Why This Matters
Cardano faces the looming threat of an investor exodus as it consistently fails to impress with its price performance. Despite its growth on various fronts, Cardano’s milestone achievements struggle to impact the token’s price, raising investor apprehension.
Catch up on Cardano developments with the latest edition of the DailyCoin regular:
Find out why Charles Hoskinson would never do business with NFT projects: