The Cardano network cryptocurrency is still facing an intense conflict between bulls and bears. While the cryptocurrency market as a whole is benefiting from the current banking crisis, the price of the ADA token suffered another loss recently following the announcement of the CFTC attacking Binance.
While it is true that the cryptocurrency saw a brief increase in its price this past weekend, the downward pressure has returned with the buying-out of sellers. The latter drove the price down to $0,3416.
An almost continuous descent
About 48 hours ago, the quotation of the cryptocurrency Cardano was down 0,72% with an estimated trading volume of $299.545.730 and a market capitalization of $299.545.730. However, even during this period, the cryptocurrency has shown potential comeback.
For many analysts, the ADA token's loss in value is not insignificant, given that the broader cryptocurrency market experienced similar declines in the past 24 hours following the CFTC action. A quick study of the charts of major cryptocurrencies shows that the bears were still in control.
Cardano, however, seems to be a special case among various tokens given the intensity of the conflict between bulls and bears. The analysis of the evolution of the cryptocurrency shows that the bulls have doubled their efforts in the last week to regain the upper hand.
However, bears dominated the market throughout the period. A check they demonstrated again two days ago by holding the price of the ADA token at the $0,3416 level after the recent decline.
However, the fight between the two sides is just beginning. In fact, the price moving average indicator of ADA has declined to break above the 200-day EMA line. Analysts see this as a sign of a future trend reversal.
As for the RSI, it currently sits at 47,17 points and signals neutral market sentiment with no clear direction.
ADA/USD Price Analysis: Bearish Momentum Followed by Bullish Movement?
By studying the price trend of the Cardano cryptocurrency in the last few hours, it is clear that the situation has actually changed. While just a few hours ago the price function was heading downwards again, the bulls have regained control of the market.
The bears pulled price levels lower on Monday morning, driving the token price towards $0,3416 as the ADA/USD pair was looking for stronger support.
However, today the situation is different: the token is up 4,81% with a price of $0,3591. For now, the cryptocurrency's short-term trendline is still heavily tilted to the downside.
Finally, it is worth mentioning that the overall price analysis of Cardano signals a rather mixed sentiment. While yesterday the cryptocurrency market was trending down with the sellers in control, today this is not the case anymore and they have lost control to the buyers.
Most market indicators point to renewed bearish momentum in the near term as the bearish winds continue to blow.
If the bulls fail to maintain their lead, prices are likely to continue falling under pressure from sellers and buying Cardano could be profitable pending an upside return.