Cardano ADA has been bullish since the beginning of the year because of the upcoming Cardano Shelley mainnet launch. The Shelley code was successfully added to the mainnet last month and the final version will be added on the 29th of July.
It is this upgrade that has allowed bull pressure to build up since traders have been buying and holding ADA in anticipation of higher highs that have been predicted. With the upcoming supply of ADA on the way, there is a strong chance that the token will face major resistance soon instead of surging as initially predicted.
Statistics published by IntoTheBlock, using an IOMAP model revealed that there is an inevitable supply barrier that will prevent the Cardano token from moving higher against the USD. The key supply area for the token is around $0.1230 and $0.1260. This is all thanks to over 1.7 billion ADA tokens that have recently been purchased from 22,500 addresses.
The ADA token is currently trading at $0.122925. The token is currently up by 1.20% against the USD and down by 1.53% against Bitcoin BTC. The trading volume over a 24 hour period is $229,642,201 and the market capitalization is $3,187,088,950.
Some ADA holders will most likely try to break even at this supply barrier while some others might simply sell. If the selling pressure increases, the price of the token will also increase. The token might go back to the $0.090 level. The next few trading sessions will determine what direction the token will take.
- Cardano ADA Price Might Retrace Back to the $0.0900 Level Even After Rising as High as $0.1400
- Cardano ADA is Currently Trading in Green and it Has Held the Line Above $0.1200
Cardano ADA News Today – The price of Cardano ADA has been stalling for the last few days. Despite the significant surge in the price of the token year to date, the current price action proves that the bulls are losing momentum against the USD. The latest Cardano ADA price analysis shows that the token might retrace to the $0.0900 level mid-term despite the impressive bull run.
This month alone, Cardano ADA has surged by over 70% against the USD moving from as low as $0.083 to as high as $0.1400. Since then, the token has been correcting lower against the USD and it has been unable to retest the $0.1400 level. It has been stuck in the $0.1200 level for a long time and there is a chance that it will move even lower against the USD with the upcoming wall of supply.
