• Cardano (ADA) recently dropped below $0.30 support following Bitcoin’s plunge below $29,000.
• Bears have capitalized on investor panic to break through the Bulls’ defense and regain control over ADA’s price action.
• Investors are closely monitoring where ADA goes next in the tug-of-war between Bulls and Bears.
Bearish Sentiment Sets In
Following Bitcoin’s drop below $29,000, bearish sentiment has set into the crypto market, with the Bears taking advantage of investor panic to break through Cardano (ADA)’s Bull defense. The Bears have since regained control over ADA’s price action as investors closely monitor where ADA heads next.
Bulls Regain Footing
Despite slipping past the critical support level of $0.30, Cardano Bulls were quick to regain their footing and push ADA back above this level. However, all signals across exchanges, derivatives and chain remain bearish according to IntotheBlock data at press time.
What to Look Out For
Cardano Bulls must hold ADA above $0.30 for a chance at maintaining control over its price action in the coming weeks. While wicks below support on lower-time frames can be expected during this period, these should not be cause for major concern until market volatility picks up again.
Battle of Wills Unfolds
The battle between the Bulls and Bears is unfolding before our eyes as they compete for dominance over ADA’s price action – a fight that will dictate which side takes ultimate control over where ADA goes next in terms of pricing movements.
Investors Remain On Edge
With both camps fiercely competing for authority over ADA’s future movement, investors remain on edge awaiting news regarding which camp will take the reins in driving its pricing action forward – whether it be toward new highs or further losses.