Cardano News Today – Cardano Reclaims the 10th Position On CoinMarketCap Due to Parabolic Bull Run – June 5th,2020

  • Cardano ADA Surges Significantly Reclaiming the 10th Position on CoinMarketCap
  • Cardano Starts Correcting Lower But the Party Isn’t Over Yet 

Cardano News Today – Yesterday, the price of Cardano ADA resumed the parabolic run. The token moved as high as $0.0917 for the first time in the year. The rise to the $0.091 reflected a 7% surge in the price of Cardano ADA over 24 hours. The bulls have been in control of the market for the last two weeks all thanks to the upcoming Cardano Shelley mainnet launch. The token is rising irrespective of the drop in trading volume and social engagement for Cardano. Thanks to the significant rise in price and market capitalization, Cardano ADA was able to take over Tezos as the 10th largest cryptocurrency per market capitalization.

Cardano News Today – Tezos Goes to 11th Place as Cardano ADA Surges Above $0.0917

In the peak of the bull run yesterday, the price of Cardano ADA reached $0.0917 for the first time this year. All the anticipation surrounding the Cardano Shelley mainnet launch finally started to pay off. However, the token has now suffered a price correction as is expected after a major surge in price. The token was unable to hit the resistance at $0.095, the only resistance that is preventing the token from reaching the $0.0100 level for the first time in forever. As the price of the Cardano ADA token corrected lower against the USD, it held the support at $0.074. As long as the ADA token doesn’t fall below this level, the bulls will remain in control of the market. Before the $0.0740 level, there is support at $0.082. Below the $0.0740 level, the next support is at $0.0700.

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$0.119

During the week, when the price of Cardano ADA reached the $0.087 level, it hit a three-month high which was possible thanks to the break above $0.0700. The current price correction isn’t affecting Cardano ADA alone. It is a market-wide price correction. With the suspension of buying pressure, the price of Cardano ADA is $0.087967. It is up by 1.32% against the USD and down by 0.93% against Bitcoin BTC. The trading volume over a 24 hour period is $452,569,565 and the market capitalization is $2,280,714,340. The price correction isn’t something you should worry about as the bulls haven’t run out of juice yet. Hopefully, the will bounce back before the end of trading today. There is a high chance that the Cardano ADA token will test the $0.167 level before the Cardano Shelley launch in the next few weeks.  There is also a chance that a panic sell-off will happen and bring the price lower.

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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