It was on December 3, 2021, when Cardano (ADA) experienced a downtrend in terms of its unit price. The performance graph for Cardano from CoinGecko shows that the price for the digital ended up turning down on the 3rd of December.
On a particular day, the price of Cardano went below the 20-day EMA, which at present is represented by the $1.63 per ADA figure. This goes to show that the ball is in the court of the bears. Cardano is still looking at a negative trend and the investors are still bearish against it.
The digital asset is currently out of the bullish zone and the investors are not willing to risk their funds given the current market situation of ADA. Even now, Cardano is struggling to turn its trend from bearish to bullish.
The current trend for Cardano shows that the investors (bears) are selling ADA the moment it hits a small rally. The bears aren’t even letting ADA build a strong rally that may help its price grow higher.
As of now, the behavior of the investors means that they have negative sentiments about the price of ADA. It is due to the negative sentiments the price of ADA is below the 20-day EMA.
The performance chart for Cardano shows that starting from December 3, 2021, the selling for ADA intensified on December 4, 2021. It was on the particular day when Cardano’s price plunged at a larger rate. On that particular day, its price plunged all the way down to $1.18 per ADA.
For Cardano, falling below the $1.18 per ADA figure was the point where the bulls tried their best to fight off the bearish trend. The bulls started rallying on the dip and bought as much dip as they could to push the price of ADA in the upward direction.
Despite the efforts, the bulls weren’t able to make it happen and the price of ADA is still facing a bearish trend.
Keeping the current trend in mind, the analysts predict that the bears will carry on with their efforts to push the price of ADA even low. As of now, the $1 per ADA price is considered the strong support zone for ADA. For now, the bears are trying their best to push the price of ADA below the $1.18 per ADA price.
If the price of ADA falls below the $1.18 per ADA figure, the bulls will try their best not to let it fall all the way down to $1.00 per ADA.
The bulls will try and use all their power to push the price of ADA higher and bring it closer to the 20-day EMA. If that happens, then it would mean that the bulls may have won the first war against bears.