Cardano News Today – Cardano ADA Starts Gaining Momentum After Falling to the $0.0815 Level – June 11th, 2020

Cardano
  • Cardano ADA Falls Below The $0.0815 Level Despite Upcoming Cardano Shelley Mainnet Launch
  • Cardano ADA Starts Gaining Momentum But the Bulls Haven’t Gained Control Over the Market

Cardano News Today – The Cardano blockchain project and the Cardano ADA token has gotten a significant increase in popularity over the last few months. This is primarily because of all the buzz surrounding the upcoming Cardano Shelley mainnet launch. This increase in popularity has also fueled a surge in the price of Cardano ADA. The token recorded significant gains in the last few weeks rising by more than 70% along the way. Since the beginning of the week, however, the bulls seem to have run out of steam as the Token has started losing some of its gains. While it is still up by more than 50% within the last 30 days, the fall in price is still a course for concern.

Cardano ADA News Today – Have the Bulls Lost Their Edge? Cardano ADA Starts Draining Its Gains

As stated above, the Cardano ADA token has spent the last few days struggling against the USD. Yesterday, the token showed started moving in a descending channel indicating that an upward breakout might be on the way. This was shortly after the token fell to the support at $0.0815 where the bears faced rejection. The token started recovering slowly right after it got to this level. The daily moving averages for Cardano ADA are pointing toward the bullish territory. About three weeks ago, a golden cross appeared on the Cardano ADA price chart keeping the price above the 50-day moving average. This proves that the bullish trend may have paused but it hasn’t come to an end.

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$0.138

Short-term, the relative strength index and the MACD are bearish indicating that the token might see lower lows before it finally bounces back against the USD. If the bulls start gathering momentum, they will take the price as high as $0.0880 short-term. Crossing this resistance will take the price as high as $0.097 and it will eventually get to the $0.1000 level. On the downside, however, there is key mid-term support at $0.075. There is another one at $0.0632. At the time of writing, the price of the token was $0.082839. It is up by 1.08% against the USD and up by 0.54%. The trading volume over a 24 hour period is $284,370,603 and the market capitalization is $2,147,761,243. With the Cardano Shelley mainnet launch only a few weeks away, there is a strong chance that the token will surge rather than fall. The next few days of trading will determine which direction the token will take.

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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