It’s been a while since the Cardano (ADA) bulls have been working really hard to push its price over the $1 mark. Although the bulls put in a lot of effort, they were not able to show their true potential against the bears.
In mid-February, the price of Cardano did grow over the $1.00 per ADA mark but the bears soon took the control back. At first, the bears increased their selling pressure over the bulls and managed to pull the price of Cardano below the 50-day EMA ($0.97).
Once the price of Cardano was below the 50-day EMA, the bears went for another selling spree to pull Cardano’s value lower. They managed to pull the price of Cardano lower to the 20-day SMA ($0.85).
From there, the bulls started buying the dip and succeeded in keeping the price of Cardano over the 20-day SMA. Unfortunately, the bears kept building their selling pressure, which resulted in pushing the price of Cardano below the 20-day SMA.
Current Market Situation of Cardano
At the moment, the trading price of the ADA/USDT pair is worth $0.79. The past 7-day performance recorded for Cardano shows it has plummeted by 2.00%, while its value has dipped by 0.87% in the past 24-hours.
The bears are constantly increasing their pressure over the bulls and as more bulls keep backing off, the price of Cardano may move lower.
At present, the overall mark consensus show that the investors are favoring the downward trend. There is currently a strong indication towards selling Cardano while a few indicators are pointing towards buying.
Even the RSI for Cardano is below 40, which is suggesting that the trend may remain negative and the price of Cardano may continue dipping.
Price Predictions for Cardano
The positive sentiments surrounding Cardano suggest that the bulls may attempt to put more buying efforts into Cardano. With their attempt, they may try and push the price of Cardano over the 20-day SMA ($0.85 per ADA).
If the bulls succeed, they may gain the courage to push the price of Cardano up to the high resistance marks. The first mark they may attempt to hit would be $0.91 per ADA, and their second attempt would be to hit $0.95.
If things go well and the bulls are able to keep the rally going, bringing more investors in for high support, then Cardano may rise to $1.10.
The negative approach towards Cardano suggests that the bears may continue with their selling spree to bring Cardano below $0.71 per ADA.
If the bears keep up with their selling spree, the value of Cardano may plummet to $0.59 per ADA. If the bears show more aggression, and more investors start flushing out ADA, then it may dip to $0.47 per ADA.
