- Cardano ADA Starts Gaining Momentum After Days of Trading Bearish Against the USD
- The Future is Bright for Cardano But the Bears May Take Control of the Market Mid-term
Cardano News Today – Cardano spent the last two weeks trending bearish against the USD. The bearish momentum came right after the token reached its yearly high at $0.09800. Thankfully, the bulls have come back into the market and they have started gaining momentum against the USD. Irrespective of this process, some Cardano analysts believe that the bearish momentum is still the upcoming mid-term. According to the analyst on Cole Petersen, a famous cryptocurrency analyst, three factors will prevent a surge in the price of Cardano ADA mid-term.
Cardano News Today – Cardano May Face Bearish Pressure Mid-term
It’s no news that Cardano has been making progress since the beginning of the year. Most of the progress is directly linked to the upcoming Cardano Shelley mainnet launch. According to Cole Petersen, three factors might affect the mid-term price action of Cardano and force the token to be bearish ones again. First of all, the Cardano Shelley mainnet launch which is scheduled to take place in the next few weeks isn’t necessarily going to lead to a surge in the price of the token. A lot of panic selling usually follows a major upgrade so it would not be a surprise if the price of Cardano ADA suddenly starts falling right after the mainnet launch is complete.
Cardano (ADA) Price Today – ADA / USD
Petersen also said that on-chain data has shown that there is a strong chance that Cardano will face key resistance mid-term. He referred to data published by TheBlock which revealed that the ADA token is primed for resistance in the $0.0800 and $0.0900 range. The data shows that a general market uptrend will be vital for the price of Cardano ADA to make any significant progress against the USD. The Shelley upgrade alone isn’t enough for the token to break key resistance levels.
Petersen also pointed out that the transaction volume for Cardano ADA has been plummeting over the last few weeks. According to him, this is happening because investors are starting to realize that the token is going to face resistance near-term and they are trying to sell out before this happens. After the Shelley Mainnet launch, the token is going to start progressing slowly as investor confidence increases.
Cardano ADA is currently trading at $0.081219. It is up by 3.07% against the USD and up by 2.89% against Bitcoin BTC. The trading volume over a 24 hour period is $250,447,947 and the market capitalization is $2,105,780,412. The bulls are starting to gain momentum against the USD.