Cardano (ADA) Slips to $0.28 Amid Bearish Pressure

  • Cardano is struggling to reclaim $0.3, sliding toward the $0.28 mark. 
  • The Bears are overpowering the Bulls as they look to drive ADA to $0.25. 
  • The following weeks will determine which investor camp dominates ADA for the rest of the year. 

The Bears are working overtime to drive Cardano (ADA) further into the wilderness while the Bulls stay locked in the bullpen. After losing support at $0.30, ADA has yet to close green as it gradually spirals towards the next liquidity zone.

ADA holders and retail investors are growing concerned, wondering if the Bears will maintain their dominance or if the Bulls will charge back and reclaim control. The following weeks are crucial as the two investor camps fight to decide where ADA heads next. 

Cardano Bears are Hungry

Since Cardano (ADA) plunged below the $0.30 support, the Bears have continued to add pressure on ADA, trying to drive it toward the $0.25 mark, despite the Bulls’ valiant defence. At press time, ADA exchanged hands at $0.283, marking a 12% decline since August 3rd. 

Cardano’s (ADA) decline triggered an exodus of retail investors, substantially decreasing network activity. Data aggregator Santiment revealed a 52% decline in Daily Active Addresses since Cardano (ADA) lost support, leaving the network with 36,000 active wallets. Besides network activity, CoinGlass reports that investors lost over $2 million in long positions in the same period. 

Daily Active Addresses Cardano.
Cardano Daily Active Addresses. Source: Santiment.

At the time of writing, investor sentiment across exchanges and derivatives remained primarily bullish, according to IntotheBlock data, signaling dwindling demand and bearish pressure. With the Bears’ growing increasingly powerful, the community is on edge, eagerly awaiting a Bullish comeback on the next daily candle. 

What to Look Out For? 

Reclaiming the critical $0.30 level and flipping it into support is a pivotal objective for the Bulls. Given the sustained bearish pressure in the past week, a potential market-wide relief bounce seems probable, which could shift the power paradigm towards the Bulls. 

Nonetheless, if the Bears’ resolve remained unshakeable, Cardano (ADA) could consolidate below $0.3 for the rest of the year. The following weeks are pivotal for Cardano. 

On the Flipside

  • Market dynamics can be unpredictable, so it is essential to consider alternative perspectives and opinions when evaluating the potential future performance of Cardano.
  • The recent crypto market downturn wiped out approximately $1.6 billion from crypto token market capitalization. 

Why This Matters

At the network and ecosystem level, Cardano has had a remarkable year. Its DeFi sector, in particular, has consistently achieved remarkable milestones, surging over 200% since the start of this year. Yet, despite this performance, ADA’s journey has been less favorable, with the token only managing a modest 13% increase this year. The battle between the Bulls and Bears will decide if ADA realizes its full potential and journeys toward the $1 mark. 

More on Cardano: 

Cardano Regular: $0.3 Tug of War, “Ghostchain” Drama, Whales Active

More from Charles Hoksinson: 

Cardano’s Hoskinson Denies Role in Hinman Speech Controversy.

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