Cardano News Today – Cardano ADA Resumes Upward Surge After Hitting Macro Resistance in Market Correction – June 7th, 2020 

  • Cardano ADA Goes Back to Trading in Green After Brief Market Correction
  • Development Activity Booms Driving Surge in Price With Higher Highs to Come 

Cardano News Today – It’s been almost two weeks since the Cardano development team announced that Cardano Shelley was ready for launch but the Cardano ADA token is still surging. Yesterday, the cryptocurrency saw a sharp decline as the entire market suffered a minor crash. Shortly after the price of the token moved lower, the price of the token started to recover against the USD resuming the bullish momentum once again. The sign of weakness that was seen on the chart yesterday has disappeared and On-Chain analysis shows that there are higher highs to come.

Cardano News Today – Cardano May Retests the $0.0900 Level in the Next 48 Hours

When the bears started to show up in the market, some analysts predicted that the price is going to crash eventually. The analyst says that there is a high-time-frame resistance and the drop in price will be notable eventually. Others have said that the long time price action for Cardano is going to be bullish because of the Cardano Shelley mainnet launch which is scheduled to take place next month unfailingly. As posted by In/Out of the Money, there isn’t any heavy resistance near term so Cardano is more likely to move upward instead of downward.

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$2.13

Yesterday, when the price of Cardano ADA started moving lower against the USD. The Cardano to Bitcoin trading pair also moved lower. The ADA/BTC pair fell by 4%. Bitcoin BTC, was falling at the time as well. It faced strong rejection at the $10,000 level and the rest of the market corrected lower at the same time. If Bitcoin BTC is able to move above the $10,000 level, other cryptocurrencies, including Cardano will follow Bitcoin’s lead. There is a strong chance that the price of Cardano ADA is going to move higher against the USD.

At the time of writing, the token was trading at $0.084945. It is down by 1.29% against the USD and down by 0 26% against Bitcoin BTC. The trading volume over a 24 hour period is $266,451,357 and the market capitalization is $2,202,384,828. Even if Cardano ADA hasn’t gotten to the predicted $0.1000 level, it is important to note that it is a long way from its recent monthly low of $0.0450. There is a strong chance that the token will test the $0.9000 level again within the next 48 hours. The next few hours of trading will determine what trend the token will take.

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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