At the moment, the bulls are trying their level best to keep Cardano (ADA) at $0.50. The graph shows that the bulls have been applying force to strongly defend the particular mark.
However, given the current situation of the overall cryptocurrency market, the bears are not going to let it happen. The bears have more power in their control to run the trend and keep the situation under their grasp.
Even the most minor rallies are met with the strong selling power of the bears. This is proof that the bulls are not allowed to form any rally to push ADA’s price higher.
If the bulls are not able to sustain the selling pressure and end up getting slipped, then ADA/USDT pair’s trading price may dip to $0.40. This will be the first critical support for Cardano and the bulls may continue increasing their buying power to fight off the bearish trend.
This will be an important level for Cardano bulls to defend. If they are unable to defend it, then the bearish rally may resume. With such sentiments, Cardano’s trading price may dip to $0.33 and then dip to $0.28.
In the case where the bulls do not let the bears steer Cardano’s trend, its price may start elevating. That would be a strong signal for other investors to come and join the trend. This would cause the trading price of Cardano to rise up to $0.63 (20-day EMA).
From there, it’ll be all about the investors being able to fight off the bears. If the bulls’ attempt works out, then Cardano may successfully break through the bears’ defenses to surge to $0.74 per ADA.
Solana is also exhibiting a downward movement and it seems to be growing stronger. It was on May 19, the bulls made an attempt of recovering the price of Solana. They wanted to save Solana against the strong selling pressure of the bears.
Unfortunately, the bulls failed to achieve what they wanted and Solana’s price ended up plunging to lower levels. On May 20, the price of Solana ended up getting pulled to $50, the psychological level.
As the price of Solana continues moving towards the down track, it may land at $43. The bulls may try and fuel strong support for SOL to turn the tables. If they fail, SOL may dip to $37 and then $32 respectively.
In terms of bullish sentiments, if the bulls do manage to gain power over the bears, then Solana’s price may surge to $64 (20-day EMA). As the momentum continues gaining more acceleration, Cardano’s price may elevate to $75.
It is to be kept in mind that currently, increased inflation rates, interest rates, and many more factors are impacting the prices of these cryptocurrencies. If these factors turn positive, then the trading prices of ADA and SOL may improve.