Cardano News Today – Cardano ADA Keeps Moving Upward Buy Buyer’s Sentiment Remains Stagnant – May 20th, 2020

  • Cardano ADA Price Maintains the Uptrend As it Surges Above the $0.056.
  • Data Shows That Investor Sentiment is Stagnant Despite Bullish Surge in the Market 

Cardano News Today – Cardano ADA has been outperforming almost every cryptocurrency on CoinMarketCap. The token is still surging against Bitcoin even if Bitcoin’s dominance is still above 66.9%. Despite the surge in the price of Cardano data, the sentiment chart shows that investor’s sentiment is stagnant. The strength of the Cardano ADA token over the last few months and weeks is most likely due to the upcoming Cardano Shelley mainnet launch which is scheduled to happen this year unfailingly. The momentum of the token is most likely going to keep increasing throughout the year.

Cardano ADA News Today – Investor Sentiment Is Stagnant Despite the Surge in Cardano ADA

Over the last few days, the Cardano ADA token has increased by more than 13% but investors haven’t taken notice of the price pump according to social data. Most of the people who are excited about the process of the Cardano ADA token are those who are already members of the Cardano community. Other investors are removing their focus from altcoins and putting it on Bitcoin BTC as the dominance of the major cryptocurrency is still moving over the roof.

Keep in mind that the price of Cardano ADA might still be at risk of dropping significantly and facing major resistances as stated in our Cardano News yesterday. This is because a high concentration of the ADA tokens is held by cryptocurrency whales. Whales have the power to manipulate the price either upward or downward. If they decide to dump their tokens into the open market, the price of the token may go from surging upward to losing all its recent gains. Right now, just 8 whale accounts have over 31% of the total Cardano ADA tokens in circulation. These accounts are recording little to no activity with less than 300 transactions.

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$0.139

At the time of writing, the price of the Cardano ADA token is $0.056998. This means that it is up by 5.24% against the USD and up by 5.34% against the price of Bitcoin BTC. The trading volume over a 24 hour period is $190,524,240 and the market capitalization is $1,477,785,088. Over the last 30 days, the token has surged by over 60%. It has outperformed every other altcoin on CoinMarketCap. The next few days of trading will determine if the price of Cardano ADA will keep surging or not.

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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