In the year 2021, Cardano (ADA) has managed to earn its place among the top 10 cryptocurrencies with the highest valuation. As of now, its valuation of $43.8 billion has helped it earn its 6th spot in the cryptocurrency market. At present, its price is hovering around the $1.31 per ADA figure following a 3.5% increase in the past 24-hours.
Although ADA is currently experiencing an uptrend in its price in the past 24-hours, its performance in the past seven days has been alarming. The data collected through TradingView and from Cardano news shows that its price has experienced over a 7.3% plummet in the past seven days.
Despite the slight surge in the price, the majority of the analysts predict that its price may move in the downward direction. This is because of the plunge ADA has observed in its price in the past 100-days. In the past 100-days, the average price of ADA was at $2.08 per ADA, while it has come down to $1.30 per ADA in the past 3-days.
This is an alarming situation for Cardano investors as the price of Cardano is constantly going in a downward direction. As of now, the bears are strong and their selling power is constantly responsible for pushing down the price for Cardano.
As of now, the $1.33 price is the strong resistance point, while the $1.20 price is the strong support point for Cardano. On December 10, 2021, the price of Cardano was close to hitting the $1.20 per ADA price. Therefore, the bulls fought with the bears with their buying and they prevailed in the fight.
This is the reason why the price of ADA manages to make it all the way up to $1.31 today. At present, the bulls have been trying their best to push the price of ADA over the strong resistance point.
If the bulls manage to beat the bears and push through the $1.33 per ADA price, they may be able to spearhead their buying activities. This may help ADA achieve a price of $1.40 and then $1.54 in the upcoming days.
However, the price analysis for ADA shows that the asset may not be able to win the fight against the bears at the $1.33 resistance point. The bears may apply their full selling force and push the price of ADA below the $1.30 figure.
If that happens, the bulls may lose their sentiments and the bears may succeed in pushing its price close to the $1.20 figure. If that happens, a strong selling activity may come into action, which may push its price all the way down to $1.05 per ADA.
For now, the cryptocurrency brokers are also going with negative price predictions for Cardano and the sentiments are also against ADA.