Cardano news today – The Cardano Shelley upgrade is meant to be the game changer for Cardano and Cardano ADA. Ever since the Cardano team announced the updated Shelley roadmap, members of the cryptocurrency community have been eagerly waiting for the Cardano Shelley upgrade to see what effect it would have on Cardano and the price of ADA. In our previous Cardano news, we noted that the Cardano Shelley upgrade is going to make the Cardano blockchain 100 times more decentralized than Bitcoin. It was also expected to boost the Cardano price prediction 2019 and Cardano price prediction 2020. However, this is the month of the testnet activation and the price of Cardano seems to be dropping rather than rising.
Cardano Price Prediction – Cardano Shelley Upgrade Isn’t Boosting The Price Of ADA – Has Cardano Reached Its Top?
This year, the price of Cardano reached its highest high on the 16th of May when it crossed the $0.101 level. Since then, the cryptocurrency has fallen gradually only moving higher significantly on the 30th of May and 3rd of June. It mostly traded inside a horizontal channel which shows that the price may have topped out. On the 4th of June, the price of ADA moved from $0.096 to $0.082 within a few hours. On the 7th, it moved above the resistance line but pulled back shortly after indicating that the sellers had the most control in the market.
Right now, the questions everyone is trying to get answers to is will Cardano ADA keep falling, has it topped out and will it reach $0.101 again? According to the Cardano price prediction 2019 on Beincrypto.com, ADA has formed a double top pattern. This is a bearish reversal pattern that is usually followed by more losses against the USD and BTC. It is currently trading below the 10 and 20 day moving averages and there are close resistances to it. These moving averages are at the verge of generating a bearish cross. The technical indicators suggest that the price of ADA will keep decreasing until it gets to the next support line.
Cardano Price Prediction 2019 – Cardano News Today – Cardano Price Prediction 2020 – Current Price Of Ada
At the time of writing, the price of Cardano ADA was $0.084670. This means that it is up by 0.79% against the USD and down by 0.67% against BTC. The trading volume over a 24 hour period is $116,026,135 and the market capitalization is $2,195,235,351. The strongest support area for Cardano at this time is located at $0.075. From the look of things, there is a high chance that the price of Cardano ADA will hit this area and break below it near-term.
Cardano (ADA) Price Today – ADA / USD
Even with the Cardano Shelley testnet activation scheduled to happen this June, the price of the token is still not responding positively. Right now, it’s hard to determine what effect the upgrade will have on the token or if the price of ADA will retest the $0.101 level anytime soon. All we have to do is wait and see.
What do you think? Why is the price of Cardano ADA falling even with the upcoming Cardano Shelly upgrade? Will Cardano recover? Share your thoughts in the comment section below.