- Cardano ADA Declines Below the $0.9500 Support Level as it Prepares for Another Bearish Turn
- Cardano ADA Token is Consolidating Around the $0.0955 Level so There is a Chance That the Bears Have not Lost Control of the Market
Cardano ADA Price Prediction – Cardano ADA is still stuck in a bearish trend line as the token is now consolidating in the $0.0955 level. This consolidation shows that the bearish momentum hasn’t changed in the last few trading sessions. In the first few hours of trading today, the token lost more of its value falling below the all-important support at $0.9550. This is discouraging since the cryptocurrency also reached a $0.0977 level. The token’s first price at the beginning of trading today was $0.0965. There are still two possible price actions of the Cardano ADA token which we will address in the course of this article.
Cardano ADA Price Prediction 2020 – Cardano ADA Consolidates With Strong Volatility on the Way
At the time of writing, the price of the Cardano ADA token was $0.096742. This means that it is up by 1.72% against the USD and down by 2.87% against Bitcoin BTC. The trading volume over a 24 hour period was $1,105,134,960 and the market capitalization was $3,009,871,929. The token initially slumped to the 13 position on CoinMarketCap but it has now gone back to the 12th position. There is still hope that the Cardano ADA token would re-enter the top 10 before the end of the year. All it needs is some bullish momentum. However, this isn’t going to happen anytime soon as there is strong bearish pressure that will take the Cardano ADA token back to the support at $0.0845 if the flag structure is broken.
Cardano (ADA) Price Today – ADA / USD
Cardano ADA has been in a bearish downtrend for a long time now and there is no telling how long this bearish pressure will last. The technical indicator known as the Bollinger Bands are in the bearish territory. This shows that the Cardano ADA token is extremely volatile. The MACD is also bearish and the token is facing strong resistance at the 23% Fib retracement level of the last decline. With all the indicators currently bearish, it would take a miracle for the ADA token to make any significant recovery near-term. While the bearish pressure intensified on September 2nd, things went sideways long before then.
For now, Cardano, and all the other tokens on CoinMarketCap, is following Bitcoin’s trend. At the time of writing, the price of Bitcoin BTC was $10,852.38. It was up by 3.31% against the USD with a trading volume of $54,290,911,804 and a market capitalization of $200,661,121,030. While Bitcoin has picked up the pace in the last few days, altcoins have been slacking. In the next few days of trading, we will determine if the Cardano ADA token will make positive progress against the USD or not.