Pressure is mounting on the Bulls as Cardano (ADA) Attempts To Recover After Falling To $0.43
The price of Cardano (ADA) experienced a sustained decline on June 27, when it reached $ 0.52. Since then, ADA has gradually withdrawn to find support at $ 0.44. However, ADA may slowly return to the green zone as its price rose during the weekend session after falling to $ 0.43 on Friday. Cardano is a decentralized proof-of-interest blockchain platform.
The token is currently at a crossroads, and its price might go any way. If the bulls get sufficient power, a climb to $ 0.64 is feasible, although the support range between $ 0.42 and $ 0.44 may also provide the currency more traction. The general trend in the upcoming days will be in favour of selling. The ADA may endure a protracted slide before a robust rebound if buyers do not step in at the immediate support level. According to Coingecko statistics on Sunday, ADA was trading at $ 0.4507 at the time of writing, down 9.5 percent over the previous seven days.
The digital currency market continues to show bearish activity due to Bitcoin’s inability to break the $ 20,000 mark. Bitcoin, the most popular cryptocurrency, is trading at $ 19,105, down 11.2 percent from last week, according to CoinGecko.Conversely, Ethereum fell more than 2% to stay above the $ 1,000 mark. Ripple and Dogecoin were flat at $ 0.44 and $ 0.05 respectively, while Solana fell 2 percent to $ 33.04. Litecoin fell 2% to $ 50.57, and Polkadot fell to $ 6.70. If buyers can consolidate above the current trend over the next 24-48 hours, the ADA will target the significant 50-day moving average (EMA). For the trend to reverse, the ADA must close above the current maximum of the pattern within the next 24 hours. Conversely, a drop to $ 0.42 could weaken the case for optimism.
Read more: By year’s end, according to Deutsche Bank, Bitcoin might reach $28,000.
