- Cardano Shelley Mainnet is a Few Weeks Away for Launch and ADA is Back to Trading in Red Against the USD
- Wlll Cardano Continue to Fall or Will the Bulls Fall Higher Against the USD?
Cardano News Today – The Cardano development team has been working tirelessly to introduce the Cardano Shelley era. Shelley is going to make the Cardano blockchain 100% decentralized among other benefits. Due to the anticipation surrounding the Cardano Shelley mainnet launch as well as all the updates that have already gone live on the blockchain, the price of the token saw a significant surge in the last few weeks. Unfortunately, the bull run seems to have come to an end with the Cardano Shelley mainnet launch just a few days away.
Cardano News Today – With Cardano Shelley on the Horizon, What’s Next for the Price of ADA?
Thanks to the bullish momentum Cardano ADA managed to regain its position as the 10th largest cryptocurrency per market capitalization. However, the token has been losing its gains for the last seven days. Whine its still a long way from the $0.058 level, it has lost significantly from the recent $0.0920 high. On May 30th, the Cardano ADA token moved above the key resistance at $0.0768 for the first time in more than one year. Moving above $0.0768 led to higher highs against the USD.
Since then, the daily moving averages for Cardano ADA were mostly bullish until last week when the candles took the price below key support levels against the USD. All the daily moving averages are moving below the key price candles. The price of Cardano ADA is still pulling back against the USD. If the bears don’t give way for the bulls soon, the token will fall back to the $0.070 level. This $0.070 is currently acting as a key support level for Cardano ADA. Since it is still well above the 50 day moving average, there is a strong chance that the bulls will come back to the market.
One Cardano price analyst believes that falling below the 50 day moving average will lead the price of Cardano ADA as low as the $0.047 before the Shelley update. This 50 day moving average prevented lower lows a few days ago when the token was under significant bearish pressure. At the time of writing, the price of the token was $0.071737. It is down by 8.02% against the USD and down by 4.89% against Bitcoin BTC. The trading volume is $225,454,565 and the market capitalization is $1,859,936,589.
Right now, the prospect of a Cardano Shelley mainnet launch isn’t enough to boost the price of the token. However, if Bitcoin BTC surges significantly against the USD anytime soon, it will most likely carry Cardano ADA along. Cardano ADA may retest the $0.887 level long-term. Otherwise, the token will fall slowly until it get to the $0.046.