Are Bears Taking Control of Cardano? ADA Trading in the Negative in November

Vinod Dsouza

Cardano, which is trading as ADA in the indices remained negative in the day trades in November 2021. Bears have taken control of Cardano and its price remained in the dip with little hopes for bulls to make a comeback.

ADA’s chart displays bearish sentiments and an upward rally is not on the horizon. Cardano has been hovering over the $2 mark for close to a week but is unable to rise above it. The coin is receiving selling pressure when it reaches the $2 mark and dips to $1.9 and below.

Cardano has had a relatively weak year in 2021 as its run in the market is cut short by bearish sentiments. The coin regularly falls to $1.90 and below and again heads up to $2 before it slumps again. Its resistance levels stand firm between $1.70 to $2. If it breaks these supportive barriers in the coming days, ADA could see a low of $1.50.

How Will Cardano Perfom in November?

Cardano is rejecting any movement above $2 and needs a heavy push by the bulls to breach the barrier. However, that doesn’t seem likely in the near term as the selling pressure remains dominant.

ADA was the hot topic among crypto investors during the start of 2021 but the support quickly dwindled down. Even financial analysts predicted that Cardano could touch $10 by the end of the year. Nonetheless, that doesn’t seem to be reality as we’re only two months away to end the year.

Cardano’s run fizzled out as the hype turned towards meme-currencies, which eventually made its market cap to slow down. Bears are making use of the opportunity and the bulls are finding it hard for a comeback.

However, despite its low performance, ADA has not crashed but is trading sideways. This opens a new window of opportunity for investors to buy the dip before the next bull run. Investors need to be prepared for a slow return on investment as the coin is unable to spike up double digits in green.

In conclusion, only those who want to stay in the game for the long term can invest in Cardano. If you want quick gains and jump to another coin, ADA is not for you at the moment.

At the time of publishing, Cardano was trading at $1.97 and is down -0.43% in the 24-hours day trade. The coin is down -12.0% in the last 30-trading days.