Cardano (ADA) price is showing that the bulls are trying to break the bearish trend and dominate the market. ADA price remains stable at $0.5, and a rejection rests at $0.628.
What’s more, the market has seen a significant 7% drop in prices in the past as the bearish trend has taken over. The current market trading level is now at $0.524, which is important as there appears to be a power struggle between the bulls and the bears.
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support at $0.50; Bull markets try to push prices up
Support has been narrowed at $0.50, and the bulls are trying to push the price higher. Meanwhile, bears are not the type to throw in the towel as they are currently selling at hefty prices.
Along with these price movements, the market tends to see more volatility, especially since the bears and the bulls are trying to outdo and outperform each other.
Everyone should be watching the crucial level set at $0.5, a break just below that trajectory would see the price drop to lows of $0.45. However, once it breaks the price of $0.628, the price will move towards the level of $0.70.
Cardano Power Struggle: Bulls Vs. Bear
Cardano (ADA) 24-hours price analysis is revealing a strong price action as the bulls attempt to capture the market, meeting with intense bearish pressure. These opposing forces could yield the volatile activity seen in the near future as the bulls and bears get the friction to work.
The trading volume seen on the ADA/USD pair is now set at $398,204,651.10, with a total market capitalization of approximately $17.69 billion. The pair is currently ranked 8th and trailing 1.41 of other digital assets.
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ADA/USD pair may outperform this week
Furthermore, the ADA/USD pair is seen to command and conquer this week with out-performing figures considering the consolidation period over which the bulls are gearing up to dominate the market.
The bulls and bears are trying to hold the rope tight as they struggle to lead the market.
The bulls are back once you see the price near the $0.628 resistance level. The price would need to find a suitable hold or support at the $0.5 level to prevent further downside.
Featured image from Solodev, chart from TradingView.com