Cardano Destined To Decline To $0.35 As Bears Continue Displaying Their Selling Prowess

On September 30, the trading price of Cardano (ADA) started to experience a drop. The sudden decline in the price of Cardano was enough to cause panic among the bulls as they stopped fighting the bears.

Bears were Strong

Prior to the fall on September 30, the price of Cardano was somewhat bullish. The buyers seemed to be in control as they were constantly fighting against the bears to push ADA’s price higher.

However, the bears were not ready to let the bulls take full control of the trend. They had a stronger force than the bulls and even had many factors backing them up.

The price of Cardano was moving over the uptrend line on September 30 before the bears launched their strong selling spree. This caused the trading price of Cardano to break below the particular trend line.

Then from October 4 to October 6, the bulls made another attempt to push Cardano over the uptrend line. However, the bears did not let the retest go successfully as they pulled Cardano with a stronger force.

The bears were able to prove that they were in control of the trend and would not let the bears do as they please.

Bears to Pull Cardano to $0.35

Now, the technical indicators are all going in favor of the bears so it is their time to show off their true selling power. It is expected that in the upcoming days, the bears may start selling ADA with great momentum to pull its value deeper.

The bulls have been strongly defending the $0.40 mark with all their might and strength. Despite the $0.40 level being the crucial support mark, the bears may showcase a stronger selling force.

This would force the bears to leave the competition against the bears, pulling Cardano’s price below the $0.40 level.

As the price of Cardano falls below the crucial support, the bears may increase their selling activities. Other investors may also jump in to support the bearish trend as they may want to avoid facing losses.

This may result in a major selling spree and lay the ground for Cardano to hit a low of $0.35.

No Long-Term Bullish Trend in Sight

Although Cardano’s Vasil upgrade was implemented towards the end of September, it was not promising for ADA at all.

The upgrade failed to bring in any significant investments or rallies in favor of ADA as expected. Therefore, ADA has lost the only positive factor that could help boost its price.

There is only a natural way for Cardano to survive through the hard times, which is to rely on the overall crypto market trend. If the crypto market makes it out of the winter, then ADA’s price may rise significantly.

By Brandon Craig
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