- Cardano ADA Kicks Starts Recovery Following Market-wide Price Crash Testing the $0.08800
- After Crossing the $0.0880 Level, There is Hope for Higher Highs Against the USD
Cardano News Today – The Cardano ADA token is back in the spotlight following a brief price correction period that swept across the cryptocurrency market. Over the last 7 days, the price of Cardano ADA has been on the rise. On the 31st of May, the token reached $0.087. However, the on-chain metrics showed that the volume was rising in line with the price. So, it wasn’t a surprise when ADA faced rejection and started falling against the USD. The metric shows that the Cardano volume has been declining steadily for a long time. So, the price correction started for Cardano and it retested the $0.075 level.
Cardano News Today – Cardano Surges to $0.0880 After Consolidating Between $0.075 and $0.085
Since the price of Cardano passed the $0.0750 level, it has been consolidating between this level and the $0.0850. In the cryptocurrency industry, volume usually moves in the same direction as price. However, when there is a divergence between the volume and price, it is seen as a bearish sign. It means the bulls aren’t in full control of the market even if the price of the token is rising. The bears can show up anytime.
Cardano (ADA) Price Today – ADA / USD
Apart from the on-chain metrics that aren’t supporting the price, the fundamentals show that social interest in Cardano is reducing. Last week, there was a strong spike in social interest for Cardano ADA. However, this social interest is reducing gradually. This is not in line with the price of Cardano rising as well. On the 28th of May, shortly after Charles Hoskinson told the world when the Cardano Shelley Mainnet Launch will take place, there were 1.6 million Cardano-related engagements across key social networks. However, yesterday, there were only 500,000 engagements. Keep in mind, however, that 76% of these engagements were positive. It’s still strange that the engagement is dropping even with the Cardano Shelley update less than 3 weeks away.
Cardano Price Prediction – Cardano ADA Price Resumes the Bulls Run
While the volume and social engagement for Cardano ADA are falling, the price of the Cardano ADA token has resumed the bull rally. At the time of writing, the token was trading at $0.088525. It is up by 12.37% against the USD and up by 10.69% against Bitcoin BTC. The trading volume over a 24 hour period is $667,551,589 and the market capitalization is $2,295,195,154. The next few hours of trading might see the price of Cardano ADA correctly lower briefly.
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.