Following Cardano’s Price Drop Below $0.45, Analysts Share their Expectations for July
The current trading price movement of Cardano (ADA) is reportedly showing no signs of reversal from the bearish trend. The data suggests that the investors may face a huge demise in the upcoming days.
Cardano Price May Continue Experiencing a Downtrend
The price movement of Cardano shows that it is still moving in the bearish zone. Therefore, the bearish trend is far from over, and an even more, bearish trend is going to take place in the future.
It was on June 25 when the trading price of Cardano started moving higher and it had achieved two moving averages. However, the bullish movement of Cardano shifted to the bearish trend right away.
This happened because the bears had started selling Cardano on a higher level. This is the reason why the trading price of Cardano experienced a downtrend. Now, it seems that the bears are in the mood of besieging the liquidity levels. Therefore, they will continue increasing their selling pressure to pull Cardano lower.
The bears are reportedly attempting to bring the trading price of Cardano below $0.42. If the price of ADA does end up getting pulled below the $0.42 level, the situation can turn very devastating for Cardano.
If the situation turns bad, then the trading price of ADA may dip to $0.20, demonstrating a 50% drop in its price.
Current Trading Price of Cardano
At the time of writing, Cardano is trading at a price of $0.44. Despite the bulls trying hard to move ADA into the bullish zone, things are turning out to be opposite to their efforts.
Even after going through all the trouble, ADA hasn’t been able to break through the bearish trend. ADA has constantly failed in forming a reversal pattern. The constant fall in the price of ADA is a strong demonstration by the bears that they are still very strong.
For now, the bears are after another strong pull and they want to cause huge liquidations. Therefore, the investors may try and pull ADA below the $0.42 mark.
If the bears keep building more and more pressure over the bulls, then the trading price of ADA may dip to $0.39.
Price Surge of Cardano in July
On the other hand, if the bulls are able to invalidate the bearish trend before it causes much damage, then ADA may start moving higher. In that case, ADA’s price may start moving higher, positioning itself as a strong asset.
If the bulls are able to find an opening, they will be able to push ADA’s price up to $0.50. Going forward, the trading price of ADA may elevate to $1.20 experiencing a 170% surge.