Does ADA Have a Fighting Chance? At the time of writing, the price of the Cardano ADA token was $0.09436. It is down by 7.41% against the USD and down by 4.54% again Bitcoin BTC.
The trading volume over a 24 hour period was $415,743,792 and the market capitalization was $2,446,703,033. The token is struggling against the USD and even against Bitcoin BTC despite the fact that Bitcoin BTC was the biggest loser last week. At the time of writing, Bitcoin was recovering higher but it wasn’t taking the rest of the market along. It is currently trading at $10,134.71. It is down by 3.14% against the USD with a trading volume of $35,733,478,966 and a market capitalization of $187,291,818,897.
While the negative price of Bitcoin is partially responsible for the fall in the price of Cardano ADA. It is important to note that Cardano was falling long before any other token started falling.
This is because the significant surge in price was partly due to the Cardano Shelley mainnet launch and all the other updates that followed. So, the fall in the price of the token isn’t just Bitcoin’s fault. The good news is that Cardano isn’t done with its development yet. Shelley was just one in a series on upgrades that will come subsequently. So, there is still a chance that the token will enjoy another parabolic bull run before the end of the year.
Taking to Twitter, an analyst has predicted that the Cardano ADA token will rise significantly if it falls to the $0.9000 support. The analyst believes that the Cardano ADA token is approaching a sweet spot. This will ultimately lead to a much needed bullish reversal. In the next few days of trading, we will know whether the Cardano ADA token will break the bearish trend or not.
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.
- Analysts Predict a Surge by at Least 30% is Imminent of Cardano ADA Declines to the $0.9000 Support
- The Current Price of Cardano ADA is $0.9560 as it Cuts it Close to the Crucial Support
Everyone knows that things have been bad for Cardano ADA over6 the last few weeks. The token has suffered a significant fall against the USD even after rising by more than 300% a few months ago. Just like Bitcoin and other tokens, Cardano ADA is now stuck in a bearish pattern which it will only break after it falls to the $0.9000 level near-term.
One analyst has suggested that the XRP token might surge by up to 30% if it tests the support at $0.9000 which is currently preventing lower lows. A 30% surge might not be enough to take the token back to its yearly high but it will allow it to regain some of its gains.
