A look at the price performance of Cardano (ADA) from June 30 shows that its trading price was around $0.44. For a short moment, it looked like ADA’s price may succeed in growing higher. The bulls tried hard to bounce the trading price of Cardano pushing it over the $0.44 level.
On July 1, the bears canceled out all the hopes that the bulls had for pushing ADA over the $0.44 mark. The bears showed off their true potential and succeeded in pulling the trading price of XRP lower. They showed that despite all the attempts, it was the bears who were in charge of the trend.
The bears had made it clear that they were strongly defending the $0.44 level. The bulls had to do so much more than they had done already in order to push the rally.
When trying to form the rally, the bulls tried hard to push the trading price of Cardano to a high of $0.49 (20-day EMA).
Downward Movement of ADA
The trend shows that as of now, ADA is moving in the negative territory and the RSI for the digital asset is also moving in the same zone. This means that the price of Cardano may continue moving in a negative direction.
For now, the trading price of Cardano is moving into the strong support zone. For now, the bulls are trying hard to protect the $0.44 level with strong buying. Still, if the bears are able to display a stronger selling force, then the trading price of ADA may start moving lower.
In this particular case, the trading price of ADA may end up moving down to $0.40. The bulls may exert a stronger buying pressure over the bears at this point. However, if the bulls fail to put up a strong challenge versus the bears, then ADA’s price may dip to $0.33.
Near Future Price Prediction for ADA and Vasil Implementation
If the bears pull ADA down to $0.40, then the bulls may retaliate with a stronger force and push ADA’s price over $0.44. From this point, they may continue gaining momentum and their constant acquisition of ADA may push it all the way up to $0.70.
In addition to the sentimental growth of ADA, the implementation of the Vasil hard fork may also help it tremendously. It is the largest upgrade ADA will have implemented to its network since its launch.
It will address and fix many issues that the ADA blockchain is currently facing. This would eventually help bring in huge support for ADA and the rally rates for the digital asset may also grow stronger.