Cardano (ADA) Price Correction Will Last Longer Than Expected

The price of Cardano has reportedly been moving in a triangle pattern since the middle of the month of April. Investors, enthusiasts and traders started getting bullish about ADA. It seemed like the bulls would take care for an extended period. Crypto experts predicted that we will see a price bounce at some point. There’s now a volume of Cardano circulating in the market. Although, the price of Cardano which began a correction days ago will reportedly halt its correction.

Whatever the case may be the price of Cardano is moving in a channel. It is currently going into the lower part. Expecting anything positive for the price of Cardano at this stage depends on the price of Bitcoin. If BTC breaks upwards the price of Cardano will likely follow.

Cardano Price Prediction: The Price of Cardano touched $0.068381 as of April 29

Cardano maintains complete anonymity and decentralization. All transactions performed on the platform is done securely. It is the hub of scalable transactions. According to CoinMarketCap is number 10 on the list of the largest cryptocurrencies by market capitalization as of April 29. Cardano reportedly had an ROI (Return on Investment) of 215.24% in the early hours of April 29.

Coinmarketcap listed the amount of ADA in circulation at  25,927,070,538 ADA with a market capitalization of $1,772,910,523 as of April 29 at 03:4 UCT.

Cardano also has a 24-hour volume of $44,006,620 in the same period.

Cardano Price Prediction: Comparing the Price of Cardano From Last Month and The Present Day

The price of Cardano (ADA) has come a long way so far since the beginning of 2019. The coin had originally started the year at a humble price of $0.04. The price of Cardano maintained stability until the month of April. After the month of April kicked in, the price of Cardano gained about 50% in only 4 days.

However, this newfound momentum was lost quickly and the coin has now started a price correction. As of March 29 the market capitalization of Cardano $1,789,410,927 with the price of Cardano at $0.069017 in the same period. The current market capitalization has lost 0.92 % when compared to March 29 market cap. The value of each ADA has reportedly increased by about 0.9215% in the last 30 days.

Cardano Price Prediction: The Price of Cardano May Find Resistance at $0.92

The price of Cardano is traded at $0.7. The value is undergoing a price correction. It is likely going to increase at some point in the future. The next resistance position should be $0.92. From there it might see some difficult days before bouncing back. The long and medium-term position of Cardano is bullish. Experts predict Cardano will move beyond $3 by the end of this year. The predictions for 2020 is also bullish. The value of the coin is expected to reach $7.

As the price of Cardano (ADA) attained its lowest level, it is may be a good idea for short term investors to consider buying ADA now. This can give them huge profits in the short-term (within a month) period. Long term investors may profit by 4 times the current value of their investment if they hold till 2020.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.