Cardano was listed on Binance’s margin trading platform on July 26 and the price turned bullish despite the bearish crypto market. While Bitcoin and many other altcoins traded in the red zone, the price of ADA rose by more than 2% after the news broke. This bullish trend has continued today, and analysts believe the coin is heading for the 10 cents level. Can ADA price cross the 6 cents resistance level? Is the 10 cents level a possibility in the short term?
Cardano (ADA) Price Today – ADA / USD
Cardano To Recuperate from Losses Soon
Since the price of Cardano fell below the 10 cents level, it has been in a tight spot. The coin has been trading sideways for a while now and now that the network has changed the trading platform to Shelly from Byron, it is expected to recover all the losses. This move will create a higher demand for Cardano and then push its price upwards again.
The blockchain is at the forefront of the upcoming technological revolution. This revolution is the time of decentralization. Today, blockchain is at the center of different services and applications such as management applications, cryptocurrencies, data storage and more. Although there are a lot of cryptocurrencies on the blockchain, Cardano is one unique project.
As earlier reported, Cardano is transitioning to a community-run decentralized network. this means that it has transitioned from the Bootstrap era to the reward era. It allows holders of ADA to stake tokens and earn node rewards in the decentralized community.
All these efforts are put in place to ensure that the network is more decentralized than many other cryptocurrencies. As Charles Hoskinson, founder of Cardano said, the network is 100 times more decentralized than the largest cryptocurrency by market cap, Bitcoin.
What A Community Driven System Means For Cardano
After the network succeeds in achieving this milestone, it’ll be more energy efficient when compared to any other cryptocurrency. Also, it will be a community driven system in all entirety. As ADA upgraded its systems from the Byron era to the Shelley phase, it has moved from federate nodes to a system that gives the community more power. Participants in the network have stakes and can also take part in running nodes of the network.
As Cardano works towards achieving this goal, what does it mean for the network? if the project becomes decentralized, then it could get listed on Coinbase. At this point in time, a Coinbase listing would do a lot for the price of ADA. As with all other cryptos when they are listed on top exchanges, ADA price will benefit for a price surge after the listing. It could move from the 6 cents level where it has been hovering for some time.
Cardano Price Prediction: ADA Can Break the Tough Resistance Zone
Cardano is trading at $0.061973 at press time. The token has grown by more than 6% in the last hour. The market cap of ADA is $1,606,768,898 and the 24 hour volume is $59,318,240. ADA price has been stuck in the 6 cents range which serves as a strong resistance, caging the price. From the technical indicators, the price of ADA is bullish and may breakout above the 6 cents level if the high trade volumes continue.