On September 27, the trading price of Cardano recorded a long wick on the candlestick. It suggests that the bears are under control as they are not letting the bulls push Cardano’s price higher.
The bears did not even let the bulls move the price of Cardano (ADA) was high enough to witness recovery. As soon as the price of ADA came close to the recovery level, the bears sold it with haste to pull its price.
Bulls Failed to Secure $0.46
The report shows that the trading price of Cardano had started moving higher on September 27 with the strong buying power of the bulls.
The strong sentiments of the bulls were able to push ADA’s price higher enough to come close to the 20-day exponential moving average ($0.46) until the bears launched their selling spree.
With the strong selling power, the bears have managed to bring the trading price of ADA below the uptrend line. This means that the price of ADA is lower than the actually expected dip.
Now, the bears have another opportunity at their doorstep to launch another selling spree. The bears can continue sustaining the buying pressure of the bulls and can continue fighting them off.
This way, they can deal a huge low blow once again to pull ADA’s price even lower.
ADA’s Price dipped to $0.33
Despite the implementation of the Vasil hard fork, Cardano has not witnessed much of a rise in its value. Instead, the confidence of the investors has dropped in the power of Cardano.
The major letdown was the below-expectation performance and price drive for ETH following its “Merge” implementation on September 15.
The Merge was highly anticipated by the cryptocurrency community hoping to see great surges in the trading price of ETH. Unfortunately, nothing promising came out of the deal and ETH’s price has performed the same way it did before the Merge.
Following the not-so-promising performance of ETH following the Merge, the Cardano investors did not expect much from the Vasil upgrade.
Now, the bears have an opportunity at hand and they can continue pulling ADA’s price as normal. The bears may try and pull ADA’s price down to a low of $0.40.
If they succeed in doing that, then the trading price of ADA may fall to a low of $0.33.
Unexpected Upward Movement of ADA
Although it is highly unlikely if ADA does manage to move over the uptrend line, it may start moving higher. A rally may come into play that may push ADA’s price to a higher level.
In this particular scenario, the trading price of ADA may manage to rise to a high of $0.60.