The Cardano community is having a hard time understanding the current price action of ADA. The Cardano price prediction 2019 and Cardano price prediction 2020 have been bullish since the beginning of this year because of a combination of factors. The price of ADA even moved so high that it displaced Tron on CoinMarketCapital. For some days now, Cardano ADA price has been recording loses against the USD rather than gains. Even when the market had a bullish sentiment, ADA kept falling against the USD. Now, the price of ADA has moved below a key support level and now risks lower lows short-term.
Cardano Price Prediction 2019 – Cardano Price Prediction 2020 – Cardano Bulls Retreat
A few days ago, the price of Cardano had a bull run from $0.0657 to $0.0700. It even moved above the $0.0739 level where the sellers showed up and pulled the price lower against the USD. The bears showed up after ADA broke the 25 simple moving average and the 76.4% Fibonacci retracement level of the last drop from $0.0663 to $0.0739. The price of ADA moved below the $0.0657 and entered the bearish zone fully. It continued to move lower until it broke the $0.050 support and there are chances that the price will keep falling short-term.
Cardano (ADA) Price Today – ADA / USD
Right now, there is an immediate support for the price of ADA at $0.0600. If this support is broken, there is a high chance that the price of Cardano will sink lower within the next few trading sessions. At the time of writing, the price of Cardano ADA was $0.061895. This means that it is down by 4.12% against the USD and down by 5.98% against the price of BTC. The trading volume over a 24 hour period is $48,116,618 and the market capitalization is $1,604,753,684.
Cardano Price Prediction 2019 – Cardano Price Prediction 2020 – Will Cardano Price Defeat The Bears?
The current bearish price action isn’t limited to Cardano ADA. It is important to note that most altcoins did poorly during the recent Bitcoin bull run. As the price of Bitcoin surged above the $6000 level, some altcoins recorded little gains while some recorded loses against the USD. Cardano is also suffering the effects of the poor market condition for altcoins. Notwithstanding, the Cardano price prediction 2019 and Cardano price prediction 2020 are still bullish because of the upcoming Cardano Shelley project and other upcoming updates on the blockchain.
Short-term, however, the price of Cardano ADA is most likely going to struggle to move above the resistances at $0.0650 and $0.0660. A comeback would be possible when the price of ADA breaks above the resistance at $0.0680. After that, it would move as high as $0.072 before the sellers show up. This is according to the Cardano ADA price analysis on Blockonomi.com.
What do you think about the Cardano price prediction in our Cardano news today? Will the current price action of Cardano ADA affect the Cardano price prediction 2019? Share your thoughts about the price of ADA in the comment section.