For a long time, the bulls had been trying had to keep the price of Cardano (ADA) over the strong psychological support mark ($1.10). From April 15, the investors had been trying to keep the price of ADA over the $1.15 figure.
Although the bulls tried really hard to keep the price of ADA over the strong psychological support mark, they were unable to keep the investors motivated. This is the reason why the price of ADA has continued to drop.
This is the reason why the price of ADA has already fallen below the strong psychological support mark. Now, the bulls the trying hard to keep the price of ADA over the $1 per ADA figure. However, the bears have strong support from the investors’ end to pull ADA’s price lower.
It is expected that soon, the investors may launch their selling spree in order to create a strong plunge. The bears may try and pull ADA below the $1 per ADA mark.
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This would go on to lower the spirits of the investors and change their sentiments completely, steering them in support of a bearish trend.
At the moment, the RSI for ADA is leaning towards the bearish territory and it is traveling deeper into the negative zone. The RSI alongside the moving averages is hinting that a strong selling activity may be witnessed in the upcoming days.
This would cause the price of ADA to plunge and bring it lower to $1. As of now, the price of ADA is hovering around the $1.05 mark. If the bears push harder and intensify their selling, they may be able to bring ADA below $1.00.
At the moment, the trend line for ADA shows that it may travel own to $0.95 per ADA in the upcoming days. This would be a clear demonstration from the bears’ end that they are calling the shots when it comes to running the trend for ADA.
The TradingView data has suggested that the $0.95 price is the first strong support mark for ADA. If the bears continue pressing and marching against the bulls, then ADA’s price may continue plunging.
This would continue triggering a strong selling activity against ADA and its price may continue dipping. The bears will attempt to bring ADA’s price down to the second strong support mark which is $88.48.
At this point, the investors may attempt to bring ADA’s price lower, but the bulls may show great resistance at this point. The second strong support mark may prove to be a huge battlefield for both the bears and bulls. However, if the bears prevail, they will succeed in bringing ADA’s price down to $0.80.