30% Surge Might be on the Way for ADA. According to a popular cryptocurrency analyst on Twitter, the ADA token is primed for a 30% price surge.
The analyst notes that ADA is approaching a key support level that will be followed by a bullish reversal that will allow it to regain recent losses. At the time of writing, the price of the ADA token was $0.1154. this means that it was down by 2.39% against the USD and up by 1.17% against Bitcoin BTC. The trading volume over a 24-hour period is well above $294b billion and the market capitalization is well above $299 billion.
The token is recovering slowly above the recent $0.1000. this is the crucial support that must be maintained if the token is going to recover significantly anytime soon. The recovery is following a major sell off that affected the entire market.
Bitction fell from $11,600 to $11150 within a few days and Cardano fell from $0.1300 to $0.1000 after which it started moving higher against the USD. While one analyst has said that the crucial support is at the $0.100 level, another analyst believes that it will rise only after it tests the support at $0.0900.
Without any more news from the Cardano development team to spike the price of the token, there is no way to determine when the ADA token will rise or fall. Right now, the hope for the token is in the hands of Bitcoin BTC and ETH. In the next few days of trading, we will know if the bulls will take control of the market.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
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The year 2020 started out great for Cardano but things have taken a turn for the worst. Thanks to all the hype surrounding the Shelley update and all the other developmental milestones the blockchain has crossed, the token experienced aa surge of more than 300% within a few months.
Shortly before the Shelley mainnet launch, the token took a major price plunge that it has been unable to recover from since then. In the last few weeks things have become even worst and some ADA holders have started losing faith in the token.
Keep in mind that the current price drop is not just a Cardano problem. Many other tokens are falling because Bitcoin still has a strong hold on altcoins and it is currently facing key resistance against the USD. What hope is there for Cardano?