Will Cardano (ADA) Lose Its Heat Under Continual Bear Pressure?

Will Cardano (ADA) Lose Its Heat

The bearish sentiment in the crypto market has left the prices of major altcoins, including Cardano. The one-month price chart shows a dismal picture where the ADA price though initially on a high note, went below the baseline and then moved in a flattish range for the rest of the past 30 days. The price of ADA coin moved in the range between $0.036 – $0.055.

Cardano Price Analysis

ADA coin is trading in the lower range due to the ongoing bear pressure, as seen from the 30-day price movement. From a high of $0.0555 on September 18, the price slid down to $0.0367 on September 26, and the downward slip is to the extent of 34.25%. From here, Cardano price was moving in a flattish range but showed a slight upward movement on October 09, at $0.04294, upward movement was to the tune of 16.41%. This was, however, short-lived as the ADA price again slid down to $0.04128 on October 13, the downfall being to the extent of 3.86%. Currently, Cardano is trading at $0.041357, which is a marginal increase to the extent of 0.24%.

Cardano Price ChartCardano’s stable upward run came to a halt with the onset of bears during the month of July. From then onwards, it has been a continual downswing for the price of ADA coin as the bear pressure does not allow the price to gain upwards. Analysts expect this short-term trend to be bearish and expect a turnaround for the coin by the year-end.

Long-term investors should not worry much as the crypto market volatility is expected for the short-term and should think of a long-term investment.