It is considered a common phenomenon that whenever the bears manage to launch a strong downtrend, the price of a cryptocurrency starts dipping at a high rate. As a result, the strong support marks for the particular cryptocurrency end up getting broken.
When something like this occurs, the strong supports end up getting converted to strong resistance benchmarks. This is something that is quite rare within the crypto-verse, but it does tend to happen.
In recent days, there came a point where the buyers tried their best to hit and cross the $1 mark for Cardano. However, all their efforts went in vain and despite putting in tremendous effort, the bulls could not beat the bears.
The bears kept resistance with strong selling power. Whenever the bulls tried hitting the $1 mark, the bears triggered strong selling for Cardano. This would push Caradano’s value back and force the bulls to repeat the process and make more attempts to hit their target.
Sellers to Bring Cardano down to $0.68 per ADA
At the moment, the value of Cardano is around $0.86 per ADA, which means that the bears still have the lead against the bulls. In the due course, the bears may increase their selling power to push Cardano to lower levels.
The next low price target that the bears may attempt to hit by increasing their sales would be $0.82 per ADA. At the time of writing, $0.82 per is the immediate support line for Cardano and it may be one of the most critical benchmarks for the sellers.
Going forward, the bears may proceed with lowering the price of Cardano with high sales. Their next target would be to come all the way down and challenge the bulls at $0.74, one of the major strong support benchmarks.
If the bears succeed in pushing out the bulls at the particular mark, they may try and break the spirits of the bulls even more. They may trigger sales for ADA on a high scale in order to bring the price of ADA down to $0.68 per ADA.
Buyers to Make a Difference
Against the high pressure of the bears, only the buyers can make a difference with their strong buying sentiments. They are the ones who can attract neutral investors to their side but for that, they would need to buy ADA on a large scale.
Once that happens, the bulls may gain the confidence of pushing the price of ADA over the $0.90 per ADA line. As the buyers keep adding more buying power, the RSI would start following the actual trend line, moving ADA’s price over $1.