Cardano News Today – On-Chain Data For Cardano Faces Resistance Ahead Despite The Major Surge in the Price of ADA – May 19th, 2020

  • Cardano ADA is Still Surging Against the USD but On-Chain Data Shows that the Bull Run Might Come to an End Soon
  • Cardano ADA Moves Above the $0.054 Level in Recent Bull Run 

Cardano News Today – Cardano ADA has been among the top performs in the cryptocurrency market since the beginning of the year. As the network moves closer and closer to the Shelley mainnet launch, the token has been on a steady rise. The Cardano community is super excited about the upcoming Cardano Shelley mainnet launch. A few days ago, IOHK and a group of operators provided information about how the Cardano Shelley Mainnet launch will work. Cardano’s Charles Hoskinson also released a question and answer section that allowed him to answer several questions about the Cardano Shelley.

Cardano ADA Is Surging But On-Chain Data Shows That the Bulls May Not Maintain Their Control for Long

According to Charles Hoskinson, the pioneers of Cardano are already working on some exercises essential to educating stake pool operators and everyone else on how the new protocol will work. On several occasions, Hoskinson has assured the public that the Cardano Shelley Mainnet launch can’t be delayed by anything this year. He also said that after the mainnet launch, the Cardano blockchain will be better than Ethereum. The speculation concerning all the great things that Cardano Shelley will bring has promoted the surge of the ADA token. Another thing that has promoted a surge in the price of the token is rising is the price action of the general market. Bitcoin has surged a great deal over the past few weeks carrying the rest of the market along.

Cardano ADA Price Prediction – Cardano ADA Faces Resistance Despite Bullish Pressure

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$0.144

At the time of writing, Cardano ADA was trading at $0.053657. This means that it is up by 4.62% against the USD and up by 3.76% against the price of Bitcoin BTC. The trading volume over a 24 hour period is $171,895,160 and the market capitalization is $1,391,164,726. The token moved as high as $0.055 before it faced rejection and moved lower to the $0.054 level. The buy orders are piling up. As soon as they pick, the sellers will most likely have control over the market. The on-chain data shows that there is strong upward resistance at the $0.055. If the token can move above this resistance level, higher highs will be achieved near-term. Otherwise, it will keep moving upward until it gets to the $0.057 level. The token may reach higher highs before the end of the week.

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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