Cardano News Today – Cardano ADA Nosedives, Risks Falling Below the $0.1200 Level – July 16th, 2020 

  • Cardano ADA Starts Losing Momentum, Falls Below the $0.1300 Level 
  • If Cardano ADA Doesn’t Hold the Support $0.1200, Lower Lows Will Come Near-term 

Cardano News Today – Cardano ADA might be the best performing cryptocurrency this year but this hasn’t made it immune to a price correction. This morning, the ADA token nosedived falling below the $0.1300 level. If not for the support that domed at $0.1200, the token would have gone back to the $0.0990 level. The parabolic bull run for ADA seems to have come to an unexpected end despite bullish price predictions. Year to date, ADA has outperformed other altcoins by more than 250%. Against Bitcoin BTC, the token is up by more than 200%. However, there is a strong chance that the token will keep declining if it doesn’t gain the momentum it needs to retest the $1.3000 level soon.

Cardano News Today – Cardano ADA Must Move Above the $0.13000 Level to Break the Bearish Pressure

The price surge Cardano has been experiencing since the beginning of the year was due to the media hype the token has been getting thanks to the Shelley mainnet launch. The Shelley Code finally went live on the mainnet about three weeks ago. This pushed the price of the token significantly higher against the USD but the surge in price was followed by a nosedive that is taking the price lower against the USD. While the token is shedding off its gains, it is still doing significantly better than it was at the beginning of the year and even a few months ago. There is a strong chance that the Cardano token will resume the bullish momentum as long as it remains above the $0.1000 level.

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$2.20

At the time of writing, the price of the Cardano ADA token was $0.123397. It is down by 5.12% against the USD and down by 3.94% against Bitcoin BTC. The trading volume over a 24 hour period is $397,703,385 and the market capitalization is $3,199,310,199. On its own, Cardano ADA has surged by almost 400% against the USD and it has moved from the 12th to the 6th position on CoinMarketCap since the beginning of the year. The price of Cardano ADA is moving independently of the price of Bitcoin. The last altcoin rally was led by Cardano ADA and the token is no longer moving in the same direction as Bitcoin BTC. This means that the token has what it takes to maintain sustainable price growth even when the rest of the market is struggling.

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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