Bitcoin & Crypto & NFT News
Cardano (ADA) prices show that the bulls are trying to overpower the market to diminish the bearish trend. ADA prices have been lingering steadily at $0.5, and a rejection strung at $0.628.
More so, there has been a marked price decline of 7% in the market seen the previous days as the bearish trend takes over. The current market trading level is now at $0.524, which is pivotal as there seems to be a power struggle between the bulls and the bears.
Suggested Reading | Avalanche Crumbles More Than 16% As Crypto Landslide Continues
Support At $0.50; Bulls Try To Up Market Prices
Support has been capped at $0.50, and the bulls are trying to get the prices to skyrocket. Meanwhile, the bears are not the type to throw in the towel as they are currently selling at steep prices.
With these price movements, the market is perceived to see more volatility, especially since the bears and bulls are trying to outpace and outperform each other.
Everyone should keep an eye on the critical level set at $0.5, wherein a break right below that trajectory would see prices plunging to as low as $0.45 levels. However, once it breaks above the price of $0.628, prices would go to as much as $0.70 levels.
Cardano Power Struggle: Bulls Vs. Bears
A 24-hour price analysis of Cardano (ADA) reveals a robust price battle as the bulls try to take over the market, which is being met by intense bearish pressure. These opposing forces can elicit volatile activity seen in the near term as the bulls and bears get friction to work.
The trading volume seen in the ADA/USD pair is now set at $$398,204,651.10, with the total market capitalization at roughly $17.69 billion. The pair is currently at position 8 and overshadowing 1.41 of the other digital assets.
Suggested Reading | Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery
ADA/USD Pair Can Perform Better This Week
Moreover, the ADA/USD pair is seen to command and conquer with better-performing figures this week, considering the consolidation period at which the bulls are getting ready to dominate the market.
The bulls and bears are trying to grip the rope tighter as they struggle to lead the market.
The bulls are back once you see the prices at the $0.628 resistance level. The prices would need to find the proper grip or support, likely at the $0.5 level, to prevent further downturns.
Featured image from Solodev, chart from TradingView.com