Cardano is presently undergoing a bearish run in the digital assets market, with the coin tipped to lose more value in the coming days. The coin boasts a price of around $0.22, and analysts have said it could go as low as $0.20. The digital asset’s present vital level is its resistance level, which is currently set at $0.35, $0.37, and $0.39.
On the other hand, the support levels are $0.18, $0.16, and $0.14. Cardano recently witnessed a drastic fall, with the digital asset breaking below its previous support level, set at $0.226. With a new market set to open today, Cardano will hope that certain market functions and activities would work in its favor.
The market is showing bearish signs against the USD
While the market shows full signs of being bearish according to several on-chain metrics, analysts have noted that the market still has a slight chance of revival. The market presently in the overbought region, which is a reading that was gotten from its Relative Strength Index, is currently moving to the selling region due to the drop in price of the asset.
Following this pattern in the market, the bears would be able to push the digital asset to the $0.18 and $0.16 price mark, and if trader activities are not enough to revive the coin, it could well be on the way to test the $0.14 price region.
If the market activity is enough to trigger a bullish action, then the bulls would have a lot of work on their hands as they would need to move the asset through the first resistance set at $0.35 before breaking above the second one and third one at $0.37 and $0.39 respectively.
Experts assure traders of a bullish run in the coming days
Cardano shows terrible signs against leading digital asset, Bitcoin, moving in a bearish momentum similar to its general market performance. According to experts, the asset is trading close to the 9-day moving average, which would see it break further below against the king crypto.
If, eventually, the action triggers a bearish momentum, then the digital asset would be hoping that the bears are ready at its next support level of 650 Satoshi to help stabilize its price mark and trade momentum.
In other ways, if the bulls can bank on the market to trigger a bullish move against Bitcoin, then we could well witness a surgeon the part of Cardano, which would push the digital asset to 950 Satoshi against Bitcoin. However, experts have assured traders that the bulls will be available to trigger a bullish run if the digital asset eventually trades way below the 55 levels at any point.