Cardano price bearish trend continues

Cardano’s price has been on a downward trend since September, when its price peaked at $3.101. After entering a symmetrical triangle around mid-September, it went below the lower support line by mid-October to cement its extended downtrend. ADA briefly consolidated and even registered a couple of long green candles before reverting back to a downward spiral. By the time of writing, it remains on the same downward trajectory.

How do the prospects look?

At the time of writing, the prospects for Cardano don’t look positive. The average HODLer balance, for example, has shrunk by more than half since October. This indicates the presence of macro sell pressure. The short-term prospects are no different either. In the last 12 hours, we have witnessed far more tokens sold than the ones bought by a variance of 8 million. 

A sustained sell-side pressure means there is little hope for Cardano to tackle the bears. This is compounded by the coin’s weak social appeal at the moment. More often price peaks coincide with high social dominance for this alt. Social dominance is associated with increased mentions of the altcoin online on crypto-related social media.

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