Cardano News Today – ADA’s Drop to The $0.1300 Level Presents the Perfect Buying Opportunity – July 31st, 2020

  • Cardano ADA’s Price Stabilizes in the $0.1300 Level Post Shelley Hardfork 
  • The Drop in the Price of the Token Presents the Perfect buying Opportunity Since the Bulls are Still in Control of the Market 

Cardano News Today – Following the successful Shelley hardfork, the price of Cardano ADA has been stabilizing in the $0.1300 level against the USD. This price correction is coming right after the token successfully moved above the $0.1550 level setting a new yearly eye. The technical and fundamental analysis shows that the drop to the $0.1300 level is only temporary. So, late buyers can now buy the deep and wait for the next bull rally which is most likely going to come after the dust settles.

Cardano ADA News Today – Cardano ADA has Surged by More Than 780% Year to Date

After years of waiting and anticipation, the Cardano Shelley hardfork was finally completed successfully two days ago. The investors have been “buying the news” since the beginning of the year and this is why the price of the token has enjoyed a steady surge since the beginning of the year. Cardano ADA is the best performing token since the beginning of the year. The rise in the price of Cardano ADA has helped other altcoins in the market to move positively as well. A few days before the hardfork, the technical indicators showed that the bears are gradually returning to the market.

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$0.138

At the time of writing, the price of Cardano ADA is trading at $0.139983. It is up by 1.01% against the USD and down nu 0.69% against the price of Bitcoin BTC. The trading volume over a 24 hour period is $226,747,662 and the market capitalization is $3,629,342,819. When you consider the fact that Cardano ADA traded as low as $0.018 in March, you’ll see that it has come a long way. Even if the token has lost its recent gains, it has found strong support at the $0.1250 level. As long as the token stays above this level, there is hope that the bulls will regain control of the market.

Charles Hoskinson said that Shelley will introduce a new wave of entrepreneurs and developers to the Cardano blockchain. In his words;

“This time next year I predict there will be hundreds of assets running on Cardano, thousands of DApps, tons of interesting projects, and lots of unique use and utility. 2021 is going to be so much fun watching Cardano grow and evolve. The community is ready to innovate.”

The next few days of trading will help us determine if the price of the ADA token will resume the bullish rally anytime soon or not.

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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