- Cardano Corrects Lower But the Support at $0.1250 Prevents Lower Lows
- Cardano ADA Must Hold the Line at $0.1000 to Keep Traders from Selling Out
Cardano News Today – For the last five days Cardano ADA has been struggling between upside surges and downside corrections. Throughout trading yesterday, the token was trading in green. Today, the token is trading in red and there is a strong chance that the price trend will change again before the end of trading. While ADA has fallen below the $0.1300 level, it has formed let support at $0.1250. This $0.1250 level will prevent the token from moving lower near-term. This is essential since traders may be forced to sell out their tokens if Cardano ADA falls below $0.1000.
Cardano ADA News Today – Cardano ADA Must Hold the Line at $0.1000
At the time of writing, the price of Cardano ADA was $0.12558. It is down by 5.19% against the USD and down by 4.54% against the price of Bitcoin BTC. The trading volume over a 24 hour period is $432,496,270 and the market capitalization is $3,240,600,244. The token’s frequent visits to the red zone are discouraging and it is starting to leave traders worried about the long-term price growth of Cardano ADA. The promise was that Cardano Shelley will lead to great things for the blockchain and the token. True, the token has made significant progress gaining more than 250% year-to-date. It is still the best performing cryptocurrency despite the current price action.
Cardano (ADA) Price Today – ADA / USD
If the price of Cardano ADA falls below the $0.1000 level, there is a strong chance that panic selling will start driving the price even lower against the USD. So, it is important that the support at $0.1000 holds the line to prevent a fall back to the $0.0900 level and lower. With the development of the network, there is a high chance of an upward recovery. The token is more likely to increase in price than reduce as long as the support at $0.1000 is maintained.
While the price of the ADA token is currently in red, it is important to note that this doesn’t mean the bull run is over. The ADA bulls still have a lot of juice and would most likely return to the market soon. The Cardano Shelley mainnet hard fork is scheduled to take place on the 29th. Since the code was added two weeks ago without a glitch, the hard fork is expected to happen without a glitch as well. With the complete and successful implementation of Shelley, Cardano will be 100% more decentralized and many other upgrades will be available to the public. The goal is to make the blockchain better overall.