Cardano News Today – Cardano ADA Gains Momentum Retesting the $0.52 Level With Higher Highs to Come – May 9th, 2020

  • Cardano ADA Gains Momentum In New Bull Rally
  • Cardano ADA Tests the Resistance at $0.52 Setting Sights at $0.55
  • Cardano ADA May Face Higher Highs Long-term 

Cardano News Today – The year 2020 has been good for Cardano. The blockchain firm has made a lot of progress in its goal to bring 100% decentralization in the Cardano Shelley era. Despite the lockdown caused by the Coronavirus pandemic, IOHK has kept its schedule by sticking to its roadmap with one launch after another. This is why it’s not a surprise that the price of Cardano ADA has been making progress. The bold move by the Cardano development team has instilled confidence in investors. This explains why the price of the token is doing relatively well.

Cardano News Today – Cardano ADA Price Recovers Against the USD

Following the Bitcoin bull run about 2 weeks ago, the price of all the cryptocurrencies, including Cardano, started correcting lower against the USD. Cardano fell below the $0.50 level retesting the $0.48 level again. Thankfully, the bulls have returned to the market pushing the price above the $0.52 level. The price of ADA is above the 50 days EMA showing that the bulls are currently in full control of the market. The short and mid-term trends of Cardano ADA are bullish but it’s still soon to determine what the long-term trend holds for the ADA token.

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$0.144

The bullish spinning top indicates that the bulls are making their way back to the market and would move as high as $0.54 near-term. Right now, there is resistance at $0.54, and support has formed at $0.52. If the bulls can maintain their stand, the token will most likely cross this $0.43 resistance. Otherwise, it might retest the $0.50 level. The stochastic oscillator is pointing up around the 80% level which means that it is overbought but the buyers are still in control. Mid-term, there is a chance that the token will move as high as $0.78. There will be several resistances on the way but reaching this level will not be impossible for Cardano ADA within the next month.

Cardano Price Analysis – Cardano Price Prediction 2020

At the time of writing, the price of Cardano ADA was still bullish at $0.052375. It was up by 1.38% against the USD and up by 3.97% against the price of Bitcoin BTC. The trading volume over a 24 hour period is $160,969,129 and the market capitalization is $1,357,942,736. The short term resistance levels are at $0.054, $0.060 while the support levels are at $0.50, and $0.48 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.

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