Cardano News Today – Cardano ADA Corrects Lower Against the USD After Facing Rejection Above the $0.0850 Level – June 1st, 2020

  • Cardano ADA Surged As High As $0.0850 in a Parabolic Bull Run Thanks to the Cardano Shelly Mainnet Launch
  • Cardano ADA Starts Correcting Lower Against the USD Following the Surge 

Cardano News Today – Cardano ADA entered a parabolic bull run last week moving from the $0.055 level to the $0.085 level. This reflects a 63% surge in price against the USD within just a few days. The Cardano ADA bull run started right after the Cardano Shelley Mainnet rollout date was released by the IOHK. The team announced that the Cardano Shelley roll out will start in the new month. Investors started buying tokens in anticipation of a major price surge that is expected to occur after the network update is complete. As the price of Cardano surged upward without any resistance, the rest of the altcoin market followed Cardano’s lead. However, the Cardano ADA token has now started correcting lower against the USD.

Cardano News Today – Cardano ADA Starts Correcting Lower Following the Bullish Wave

Thanks to the surge in the price of Cardano over the last few days, the token has managed to find its way back to the top 10 list for the first time since last year. However, it has lost its position again and has gone back to the 11th spot. It is still currently the best performing altcoin in that list. However, the token is starting to shed its gains slowly. While the Cardano ADA token spent the last few days outperforming Bitcoin BTC and many others on CoinMarketCap, Bitcoin is now surging against Cardano ADA.

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$0.099

At the time of writing, the price of the Cardano ADA token was $0.077949. It is losing its gains and is down by 6.17% against the USD. Against Bitcoin BTC, the token is trading lower by 5.84%. The trading volume is $827,355,812 and the market capitalization is $2,021,000,294. Even if Bitcoin BTC is currently down against the USD, it is still not shedding as fast as Cardano ADA. The fall in the price of the token is not unusual as price corrections come right after major price surges. The MACD is slowly moving away from the bullish territory. There is still strong support at the $0.0750 level.

Most of the current downside correction is most likely due to panic selloff. Traders are trying to cash out their gains in case the price of the token moves lower after the Cardano Shelley upgrade. After all, the cryptocurrency market is unpredictable. So, even if analysts are predicting a surge in the price of the token after the Shelley mainnet launch, there is still a chance that the token might fall lower as well.

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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