- Cardano ADA’s Glorious Year Appears to Have Come to a Bloody End as the Token Remains in the Bearish Territory
- The Fall Below the $0.10 Level Led to Lower Lows Against the USD but There is Still Hope for the Token
Cardano ADA Price Prediction – Cardano ADA was on a roll for the first few months of the year as the token experienced over a 300% spike in price. Unfortunately, the bullish rally has come to a swift and bloody end as the token is struggling to maintain its post-Shelley gains. Cardano investors are starting to wonder if the rise in price was real or it was nothing but a hype fueled by the Shelley update to attract investors. With the token trending dangerously below the $0.50 level, there is no telling how low it will go before things take a turn for the better. While the short-term Cardano ADA price prediction is bleak, the token is bullish long-term.
Cardano ADA Price Prediction 2020 – What Hope is There For ADA?
At the time of writing, the price of the Cardano ADA token was $0.095377. This means that it is down by 3.93% against the USD and down by 2.62% against Bitcoin BTC. The trading volume over a 24 hour period was $1,076,392,422 and the market capitalization was $2,472,849,185. The token has fallen from the top 10 spot it got during its bull run early in the year and is now the 13th largest cryptocurrency on CoinMarketCap. According to the Cardano ADA price analysis on AMBCrypto, a rising wedge has appeared on the 4-hour chart for Cardano ADA. This means that there is a strong chance of a breakout despite the current price action of the token. Traders have been advised to buy the dip and take a long position at the current price.
Cardano (ADA) Price Today – ADA / USD
There are two possible price actions for the XRP token. On the one hand, a breakdown from the rising wedge will lead the token below the $0.0917 level. This level will act as strong support preventing the token from moving lower and propelling it above the long position at $0.09572 level. Traders have been advised to stop buying when the token declines to the $0.0894 level. If the token takes a bullish turn, it will rise to the $0.1045 level near-term. At this level, Cardano ADA will face key resistance and correct lower.
You can monitor the price of Bitcoin and use that to determine what the future holds for ADA. However, it is important to note that Bitcoin’s price might not offer an accurate prediction for Cardano ADA since the token was trading bearish independent of Bitcoin before the entire market started to fall. So, there is still a possibility that it will not follow the market-wide trend as closely as other tokens.