Cardano Shakes Off The Risk Of Falling Below $0.075 By Gaining Over 3% Against The USD, Is $0.1000 Possible Near-term?

Cardano News Today – For a few days, Cardano ADA, just like almost every other cryptocurrency in the market, was trading in red against the USD. This was discouraging as the cryptocurrency was recently surging above the $0.1000 level. Also, the Cardano Shelley upgrade was activated on the testnet and everyone expected this to lead to a sustainable bull run or at least a permanent rise above $0.1000 ahead of the activation of Cardano Shelley on the mainnet. To be fair ADA was falling along with almost every other cryptocurrency in the market thanks to the flagship cryptocurrency, Bitcoin. There was a high risk of the price of Cardano ADA moving below the support at $0.075 before the bulls showed up and dragged the price up. So, is the Cardano price prediction 2019 bullish once again? Will the Cardano ADA bulls succeed in keeping the price of the token above $0.1000 before the Cardano Shelley mainnet upgrade?

Cardano News Today – Cardano Shelley On The Way – Will The Bulls Prevail? Cardano Price Prediction 2019

After failing to retest the resistance at $0.9500, the price of Cardano ADA fell significantly against the USD losing the support in the $0.850 level. As traders started to panic, Bitcoin started another bull run that drove the price of Cardano ADA higher preventing the decline below the support at $0.0750. As soon as the price of Cardano ADA fell below the support at $0.0900, it became obvious that the bears were in control of the market as it was below the 25 SMA. 

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$0.0467.37%

Amid the Cardano price sell-off, the cryptocurrency gained momentum rising above the $0.0940 level which was initially a strong resistance level. Unfortunately, the bulls were unable to hold the line falling below the $0.0850 level. At some point, the price of ADA even tested the $0.0800 level and eventually entered the $0.0700 level for the first time in more than 30 days. After this, major resistances formed at $0.0800 and $0.0835.

Cardano News Today – Cardano Price Prediction 2019 – Current Price Of Cardano ADA

This morning, the 50% Fibo level of the last slope from $0.0925 to $0.0744 was around the $0.0835 level. This level acted as resistance but the most significant resistance was at the $0.050 level which happens to be around the 25 SMA. Apart from this, the 61.8% Fibo retracement level of the last fall from $0.0925 to $0.0744 was around the $0.0856 level.

Later in the day, the bulls picked up momentum and the price of the cryptocurrency moved above the $0.856 level giving the bulls an edge over the bears and allowing them to rally. At the time of writing, the price of Cardano ADA had moved above the $0.0800 level. It was trading at $0.081621. This means that it is up by 3.61% against the USD and down by 8.54% against the price of BTC. The trading volume over a 24 hour period is $168,851,672 and the market capitalization is $2,116,191,181

Right now, there must be a break above the $0.835 level to prevent losses near-term. If the bulls are unable to hold the line, there is a high change that ADA will test the $0.0750 support. More loses from this level will drag the price below $0.0700.

What do you think about the Cardano price prediction 2019 in our Cardano news today? Share your thoughts in the comment section below.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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