It had been a while since the bears were working really hard to pull the price of Cardano (ADA) to a lower figure. The data from TradingView shows that the bears had attempted to do it by selling ADA on a large scale and bringing it below $1.18.
However, it seems that the bulls have strong sentiments surrounding the price of ADA. They had confidence that the price of ADA would soon pick up. This is the reason why they continued pouring in money and pushing its price higher than the $1.18 figure.
They gave a tough time to the bears and managed to push ADA’s price over $1.18. However, it was just the start of a strong recovery for ADA as its price continued increasing from the $1.18 figure. The high purchasing power from the bulls managed to push ADA’s price all the way up to $1.35, the 20-day EMA for ADA.
Although the price of ADA is now hovering around the 20-day EMA, the bears may still be getting ready to launch a counter. In case the bears launch their attack and start selling ADA on a large scale. They may succeed in pulling ADA below the $20-day EMA.
If the bears manage to do it, it would trigger a series of ADA selling and the majority of the investors may also follow the same path as bears. In that case, the price of ADA may fall below $1.18. If the bears succeed in achieving that, they may go for another selling spree and bring its price even low.
According to the performance chart from TradingView, the bears may try to bring the price of ADA all the way down to $1. However, it is expected that the bulls may pose great resistance before the bears manage to achieve this price.
On the contrary, if ADA’s price manages to sustain the 20-day EMA, it may be built more confidence among the bulls and investors. In that case, the buying power for ADA may grow higher and ADA may be set for another major price recovery.
From that point onwards, ADA may start moving towards $1.47, which is set to be one of the major hurdles for the bulls. At this point, the bears may try to show their might by increasing their selling power.
It is expected that the bulls will be given a really tough time at this point and they may have to increase their selling power to sustain the pressure.
If the bulls manage to beat the bears with their buying power, then ADA may be set for reaching another high price. This way, the bulls may be able to reach the $1.87 per ADA price.