Cardano News Today – Cardano ADA Hits Resistance, Moves Lower After Brief Upward Surge – August 16th, 2020

  • Cardano ADA Faces Resistance Against the USD Moving Lower After Brief Surge 
  • Current Price Action of Cardano ADA is Bad Since the Rest of the Market is Trending Higher 

Cardano News Today – Cardano ADA has been facing key resistance against the USD and Bitcoin BTC for many days. The bulls seem to have run out of fuel and it is affecting the price of the token. Even if Cardano ADA still has most of its recent gains, it is doing poorly compared to a few weeks ago and compared to other tokens on CoinMarketCap at this time. Cardano is now facing key resistance that is preventing it from retesting the $0.1500 level as it did many weeks ago when the price peaked and formed a new yearly high.

Cardano News Today – Cardano Struggles in the $0.1300 to $0.1500 Range

While the price of Cardano ADA is currently declining against the USD, it is important to note that the token surged by almost 200% year-to-date. Since all good things will come to an end eventually, it’s not a surprise that Cardano ADA is now losing bullish momentum against the USD. At the time of writing, the ADA token was trading at $0.136639. This means that it is down by 1.12% against the USD and down by 0.40% against Bitcoin BTC. The trading volume over a 24 hour period is $305,120,210 and the market capitalization is $3,542,649,787.

Cardano ADA might be facing key resistance at its current range but it is still primed for a more sustainable bullish rally against the USD and Bitcoin BTC. There have been a lot of major milestones for Cardano and ADA. The Shelley update and the Daedalus 2.0.1 wallet among other updates contributed to the price surge. The Cardano development team is working on moving the blockchain to a fully decentralized era. It is currently in the process of doing this and there are rumors that Coinbase will add the Cardano ADA token to its list soon.

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$1.44

Over the last few days, the Cardano community has been celebrating the highest development activity on Github. More people are ready to build on and around Cardano. More popularity for Cardano means more popularity for ADA. It might take time for all these things to lead to a surge in the price of the token but Charles Hoskinson and other executives aren’t concerned with the price action of ADA as long as the blockchain is doing well development-wise. If Cardano ADA can successfully move above the $0.1500 level, it might have what it takes to make more significant gains against Bitcoin. Bitcoin BTC is currently struggling to cross the $12k level but the resistance at $11900 is too strong.

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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