- Cardano price tanked 22% in just 20 trading days.
- ADA bulls are under pressure from bears, who have been successful in squashing any upside attempt.
- Expect to see the pressure build at $0.30 as another leg lower points to $0.265 as the next support.
Cardano (ADA) price is seeing its most important audience leaving price action at large. Medium-term investors are heading for the exit as several dark clouds form above the cryptocurrency industry. Already two banks have collapsed in the US. The uncertainty is making investors choose cash instead of leaving it at risk in Cardano.
Cardano price sees bears clawing the life out of bulls
Cardano price is in funeral mode as it becomes clear that the bull run for 2023 is dead and buried. With bears thus far successful in squashing any breakout attempt, it has become clear that bears are nowhere near cashing in on their profitable short positions. Proof of that is the many red markups on the red descending trend line that demonstrates such huge respect.
ADA only has a few cents to go to hit $0.30 with the monthly S2 and a pivotal level all falling in line very close to one another. Expect enormous pressure on that area with bears reluctant to start buying and cash in on their profit. Seeing bearish momentum is on the bears’ side, expect to see a sharp move lower toward $0.265 with another 13% on top of the already 22% loss from the past three weeks.
From a technical point of view, the Relative Strength Index (RSI) could trigger some buying in ADA regardless. Several automated trading engines will have notices that the RSI is oversold, which means that a small pause should get underway. Do not expect a sudden 180-degree move up, but rather a pop toward $0.324 is possible if bulls can break that red descending trend line.