Cardano ADA is Falling Bitcoin’s Lead. At the time of writing, the price of Cardano ADA was $0.115908. This means that it is down by 0.63% against the USD and down by 0.99% against Bitcoin BTC.
The trading volume over 24 hours was $458,282,819 and the market capitalization was $3,005,155,232. The token has formed support to hold it from significant losses at $0.11, $0.107, $0.105, $0.1, $0.092, and $0.087. If the token keeps declining, it might reach the $0.087 support within the coming weeks. On the other hand, moving upward will see the token facing resistance at $0.114, $0.12, $0.123, $0.13, $0.135, and $0.14.
During the decline today, the ADA token fell to the support at $0.1140 were the bulls gathered momentum allowing the token to rise move higher. Unfortunately, this didn’t mean that the sellers have fun out of steam as the token still runs the risk of falling lower against the USD in the next few trading sessions.
The token has broken the ascending pitchfork it formed in July and maintained throughout August. It seems like all the price hype surrounding the Shelley update has come to an end after the successful implementation of the hardfork.
Cardano ADA is not Falling in Isolation
It is important to note that the current decline in the price of Cardano ADA isn’t falling in isolation. The token has been bearish for a while now but things got worst when the price of Bitcoin BTC nosedived yesterday. Bitcoin BTC fell significantly and is now trading at $11,500.98. It is up by 0.90% against the USD. The trading volume over a 24 hour period was $24,673,183,410 and the market capitalization was $212,441,082,243. In the next few days of trading, we will all know if the token will recover or continue to decline.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
- Cardano ADA Declines Significantly Against the USD Falling to the $0.1150 Level With Risks of Lower Lows
- The Sudden Price Dump of ADA Isn’t an Isolated Event, Other Tokens Are Falling to Thanks to Bitcoin
Things haven’t been easy for Cardano ADA in the last few weeks but the token managed to hold the line above the $0.1200 level all the time. Yesterday, however, the Cardano ADA token fell below this key support line risking lower declines the USD. Cardano ADA fell below the pitchfork and the 100-day EMA. This brings the weekly losses above 14%.
Things are even worst when you consider the fact that the price of the token was as high as $0.1550 earlier in July. The rejection the token faced in the $0.1550 level was bad for it and it started to decline and has been unable to make significant progress near-term.