Cardano News Today – ADA Forms Strong Support at $50 While Charles Hoskinson Talks About COVID-19 – May 3rd, 2020

  • Cardano ADA Forms Strong Support at $0.050 as the Bulls Start Losing Momentum Against the USD
  • Cardano’s founder, Charles Hoskinson, Bashes Media Coverage of COVID-19 

Cardano News Today – After surging against the USD for days, the price of the Cardano ADA token has started losing momentum. The good thing is that the token has found strong support at the $0.50 level. The price of Cardano is still in an ascending channel and the bulls will most likely come back to the market. The token has found long-term key support at $0.009, $0.01, and $0.02. At the same time, there are key resistance levels at $0.09, $0.08, and $0.07. The short-term trend might show that the token is in red but the mid and long-term trends are still bullish.

Cardano News Today – Cardano ADA Bears Cause a Brief Downside Correction But the Bulls Are Still in Charge

Last week, the price of ADA moved above the $0.040 level and that became a strong support level which propelled higher highs against the USD. As stated in our Cardano ADA news at the time, moving above the $0.050 level was important before we could confirm that the bulls have taken full control of the market. The stochastic oscillator is down by 78% which means that the sellers are currently in the market and are struggling to take control from the bulls near-term.

At the time of writing, the price of the Cardano ADA token was $0.050971. This means that it is up by 1.23% and down by 0.93%. The 24 hour trading volume is $133,519,199 and the market capitalization is $1,321,519,839. The ADA token must hold the support at the $0.050 level. If it falls below this level, the next support will be at $0.048 and even $0.045. The $0.045 support is crucial because falling below this level will lead to much lower lows for ADA.

Since the beginning of the COVID-19 pandemic, there has been a lot of controversial information online. Since the first case was recorded, there have been more 3.4 million confirmed cases and over 250,000 deaths. Hoskinson has said that he doesn’t trust the methodology that is being used for shutting down businesses across industries. Apart from this, he also made a video condemning the media coverage of the virus. He concluded by referring to the predicted famine by the World Health Organization. In his words;

“I’ll also remind all those people that are pro-lockdown that I just read something today – that the United Nations and the World Health Organization said we could see up to 260 million people die of famines as a consequence of Covid, specifically the economic consequences of the global lockdown.”

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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