Cardano ADA Price Falls Lower Despite Fundamental Potential. At the time of writing, the price of the Cardano ADA token was $0.092052. This means that it is down by 4.14% against the USD and down by 5.36% against Bitcoin BTC.
The trading volume over a 24 hour period was $1,050,385,215 and the market capitalization was $2,863,973,014. The token has lost over 50% of its post-Shelley gains and a decline below the $0.09 level will most likely drag the XRP token back to yearly lows. The good news is that there will be support at $0.085 to prevent lower lows near-term. The next support after this level will be at $0.077 and eventually $0.076. The most significant support after this level will be at $0.075.
If Cardano ADA is to make any progress near-term, it needs to find its way back above the $0.11 level which is well above the current level. If the token moves above the $0.11 level near-term, it will make its way back to the $0.12 level and eventually $0.13. It’s hard for any newcomer to believe that the Cardano ADA token was once as high as $0.15 just a few months ago.
There needs to be a move above the current moving averages if the Cardano ADA token is to see any bullish actions. A long-standing plan against the USD will take the ADA token to a recovery phase.
Bitcoin BTC has already entered a bullish recovery zone but there it has a long way to go if it is to cross the all-important resistance at $12k. The foremost cryptocurrency is currently trading at $10,881.31. It is up by 1.26% in the last hour and will most likely move higher near-term.
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 is Incredibly Bearish Against the USD as the Bulls are Unable to Gain Significant Bearish Momentum
- Lower Lows Near-term Will See Price of the ADA Token Fall Below the $0.90 Level
Following the Cardano Shelley hardfork, the price of the ADA token has been bearish against the USD and Bitcoin BTC. All the post-Shelley gains have been shedding off and there is no telling how bad things will get until they get better.
The decline in the price of the Cardano ADA token is discouraging because the token spent the first few months of the year moving higher against the USD and Bitcoin BTC
We all know that this was primarily due to the hype surrounding the Cardano Shelley hardfork. Since Shelley has been completed, the Cardano ADA token has been shedding its gains. Two things might contribute to another surge in the price of Cardano ADA; a market-wide recovery, another update on the Cardano network.
