• Cardano Bulls struggled to hold support at $0.3, leading ADA to drop 11%.
• Bears are attempting to push ADA further down towards $0.25.
• ADA is currently in a Whale accumulation zone between $0.28 and $0.29, giving investors hope for another price surge.
Cardano Bulls Struggle with Support
The Cardano Bulls have failed to keep up their momentum after rallying 11% in a single day and reclaiming the $0.3 mark from the Bears’ grasp. At press time, ADA exchanged hands at $0.29, marking an 11% drop since the Bulls fumbled support. With the Bears trying to drive the price down, it is worth noting that their previous efforts inadvertently guided ADA into a strong Whale demand zone between $0.28 and $0.29.
Bearish Sentiment Across Markets
Investor sentiment has remained bearish across the chain, exchange, and derivative markets as per IntotheBlock data . The negative long-to-short ratio added to the bearish sentiment, signaling investors are looking to exit per CoinGlass . With diminishing trading volume and overall bearish sentiment, it’s unlikely large players will come to Cardano’s rescue this time around which means that Bears are likely in control for the rest of the year unless something changes drastically soon enough for Cardano bulls regaining back some strength or momentum against bears control over Cardano (ADA) prices today and in near future too!
Whale Accumulation Zone Gives Hope
Despite this current situation of bears taking charge over cardano (ADA), there is still hope among investors due to whale accumulation zone between 0$.28-$0$.29 which has triggered substantial surge in whale activity levels last seen in September 2022 giving rise of 11% price rally previously for cardano bulls which gives hope that same might happen again if whales take action again!
What Lies Ahead?
Cardano bulls now have a task ahead of them; they need to reclaim back 0$.30 level & flip it into support so that they can maintain momentum & prevent any more drops from happening leading them into deeper trouble & devastation!
Conclusion
Overall Its quite clear that despite having some hopes due whales activity levels & accumulation zones , its still very difficult times ahead of cardanol bulls as bears are taking charge right now but one thing remains true that anything can happen anytime regarding cryptocurrency prices if big market players such as whales take action !