Cardano (ADA) Price Analysis: Cardano (ADA) the Price of ADA Has Reached a Significant Support Level Near Its All Time Low

cardano ada price

The man behind the Cardano Foundation, Charles Hoskinson, has spearheaded the development of Cardano for the past few years. He reached out to Tron’s Justin Sun publicly on Twitter and asked him if he would consider the integration of Mantis, which depends on ETC rather than their code which is an Ethereum Java fork. However, the news did not affect the price of the coin. The price is still around the 12 cents level.

Cardano (ADA) Price Today / USD

NamePrice
cardano
Cardano
$0.036-0.44%

Just within a 10 year period, the blockchain technology and cryptocurrency has entered into the mainstream gathering a lot of supporters and critics alike. The Cardano project is being led by @LarsBrunjes and it aims at encouraging individuals to participate on the platform and do things that will benefit the community as a whole. Whether or not Cardano will fade off soon is unknown. We only know what the current price chart indicates.

Cardano (ADA) Price Analysis

Cardona (ADA) is still the 6th largest cryptocurrency in the market as per market capitalization and the coin is struggling to fight off selling pressure from the bears. ADA has lost more that 20% of its value within seven days. If things continue to go this way, the coin is going to suffer more loses.

The speed of depreciation this week is faster than it was last week thanks to the spike in selling pressure. It’s important that traders take a top-down approach and stay neutral until there are strong movement patterns. Wait for the buyers to gather momentum or the sellers to run out of steam to take any long term positions. The buyers need to fight to prevent any movement below the 7 cent level.

According to Dalmas Ngetich from News BTC, the speed of depreciation has reduced within the last 24 hours when compared to the previous days. The coin is currently at a key support level near its all time low. So, it is important that traders remain vigilant.

Even with the bearish wave, the recovery will take the price of ADA all the way to 17 cents.

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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