Cardano (ADA) is all flushed today as it plunged by 6% compared to yesterday’s high of $0.53. While it remains to hover above the 50-day moving average, ADA may drop further down by $0.45 in the next 24 hours as the bears take control of the market.
ADA has a fantastic weekend as it glided way up to $0.52 on July 24. However, the coin slid to $0.48 as a result of the issues involved in the Vasil upgrade.
ADA bulls are trying to touch the $0.55 resistance level hoping to make a grand comeback but if it plummets to $0.45, then bulls would need to try harder.
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Cardano Bearish Movement Similar To Bitcoin’s
Bitcoin movement has capsized similarly to Cardano’s bearish movement. Bitcoin has currently plunged below the $22,000 zone showing a drop of 4%. More so, Ethereum also dropped by 5% or $1,500 in price.
All other major altcoins also plummeted in price. Dogecoin dipped to $0.06, Ripple plunged to $0.34, Polkadot lost 5%, and Solana slid further down by 6%.
As seen in the recent 24-hour candlestick chart, Cardano’s price is forming the Evening Star pattern. It has rallied over the weekend hovering at $0.53 but ADA succumbed to the bears and registered a low price point as depicted in the past 48 hours. While the price looks favorable and is on top of the 50-day moving average, it has somewhat slipped into a dangerous coma at $0.493.
Cardano RSI has moved further down to 50.96 from 58.22 in just a few hours which indicated a decline in market valuation. This also confirms ADA’s bearish momentum.
More so, the coin’s trading volume also dropped by 33% overnight which implies that is very minimal buying action taking place. Additionally, its MACD or moving average convergence divergence curve also shows to be shooting for a bearish forking.
ADA total market cap at $15.4 billion on the daily chart | Source: TradingView.com
ADA Bulls To Tilt Market Dynamics
ADA price can dangerously go down to $0.47 in the next couple of hours. With that in mind, ADA price will need to hold onto dear life at the support line of $0.45 to retain its bullish momentum in the market.
The entire crypto market has been dominantly bearish for the past few days and Cardano has been devalued excessively with the next support level down at $0.457. The past week for Cardano has shown a somewhat zigzag pattern in terms of price action but now it seems the bears have dominated the market.
ADA has shaved off as much as 5.74 in value. With the increased volatility happening and the bearish pressure mounting, more downturns are expected. Currently, the bulls are trying to overpower the bears but the bulls will need to hold on to the support line to tilt the market dynamics in their favor.
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Featured image from Portal do Bitcoin, chart from TradingView.com
Image and article originally from www.newsbtc.com. Read the original article here.