ADA Bulls Dig In: Can $1 Hold Amidst Bearish Storm?

Cardano (ADA) Bulls Hold Line: Can ADA Price Break $1 Again?

Amidst the prevailing bearish market sentiment, Cardano (ADA) is facing a notable price decline, with bearish confirmation on its daily timeframe. Traders are heavily shorting ADA, with on-chain analytics firm Coinglass reporting that short sellers are three times stronger than those holding long positions. This indicates a bearish signal for the short term.

However, long-term holders and investors see the current market sentiment as an opportunity to accumulate ADA tokens. Data from Spot Inflow/Outflow revealed that exchanges have witnessed an outflow of $30 million ADA tokens in the past 48 hours, indicating potential accumulation. Some experts view this outflow as an ideal long-term buying opportunity.

According to AMBCrypto's technical analysis, ADA appears bearish as it has successfully retested the ascending trendline breakdown level and has begun moving in a downtrend. Based on recent price action and historical momentum, ADA could drop by 15% to reach $0.71 in the coming days. However, the overall market appears to be under significant pressure due to traders' strong bearish outlook, which could further strengthen ADA's bearish trend.