If you think that the 9.12% surge in the price of Cardano (ADA) is the highest surge it has ever recorded, then it will be an understatement. Cardano is among some of the highest performing cryptocurrencies of the year 2021.
This means that its performance was on par with the likes of Bitcoin, Ether, ShibaInu, Dogecoin, and many high-performing cryptocurrencies.
Cardano started its year 2021 at a price of $0.1753 and from there, the price of ADA started elevating. The trading price of ADA hit its first all-time high on April 15, when it reached $1.4816.
Then the second and still the all-time high ADA ever hit was on September 3, 2021. At that time, the trading price of ADA went up to a high of $2.9682.
From the peak price of $2.9682, the price of ADA kept plummeting and by the end of 2021, its price had plummeted to $1.33. Even now, the price of Cardano has continued plummeting and the situation hasn’t gotten much better for the digital asset.
Current Performance of Cardano
Even now, the trading price of ADA is mainly experiencing a downtrend. The data shows that on May 27, the trading price of ADA went below the $0.46 price, which is a minor support.
Although the bears were able to pull the price of ADA below the $0.46 price, they were not able to hold the bulls off for a long time. The bears were not able to sustain the buying power of the bulls. The bulls took advantage of the low price that was achieved by the bears.
As the bulls started to buy Cardano on a large scale, the trading price of Cardano started moving towards recovery. The report shows that on May 28, the trading price of ADA started moving in an upward direction.
Bullish Sentiments are Building
Finally, the trend has started becoming bullish as momentum could be observed building up on May 30. The data shows that the buyers are trying hard to increase their buying power in order to push ADA over the $0.54 mark. It is the 20-day EMA for Cardano and the bulls will have to increase their buying power to achieve their goal.
It is clear that the bulls are aiming to form a bottom price for Cardano. If they succeed, then the trading price of Cardano may end up growing up to and over the $0.74 price.
Movement of ADA in the Bearish Zone
The other side of the trend shows that if ADA falls below the 20-day EMA, its price may continue plummeting. Its price may start sinking at a higher scale, which may pull ADA down to $0.40.