Cardano price after recording consecutive 6 straight red monthly candles, has now registered 5 re weekly candles. And woefully has kickstarted the present weekly trade on a bearish note which may drag the price towards the yearly lows. The asset is facing an extreme bearish pressure which may extract nearly 30% of its value in the upcoming days.
The ADA price for quite a long time been lowering its resistance levels while widening the support zone. The asset appears to be within a deep bearish well, as huge long liquidations are constantly recorded from the past few days compared to that short liquidations. According to the data from CoinGlass, nearly $3.42 million worth of ADA longs were liquidated in the past 24 hours.
The ADA price had broken out from the descending triangle in the March-end but failed to keep up a strong uptrend. As the price after a brief consolidation again fell into the same bearish trap. Presently, amid the fresh price plunge, the asset appears to have broken down from one of the crucial support and very soon could slip to $0.5 levels. In the worst situation, the price may even drop beneath these levels and test the lower support at $0.45.
With the Cardano price displaying a huge bearish trend, the total addresses with a non-zero balance are swelling hard. While the price kept on depleting, the total number of addresses increased and currently is at its ATH at around $5.31 million.
Therefore, the swelling user base clearly points out their faith in the Cardano fundamentals as the graph remained elevated irrespective of the price trend. Therefore, Cardano currently may appear pretty bearish but the fundamentals which are becoming stronger and stronger each day may induce a significant bullish momentum very soon.