Cardano and Tron are among the worse hit coin in the recent price correction in the market. Cardano has an impressive run a few weeks ago but this was short-lived. ADA’s growth has slowed down. The coin rallied in May and crossed the $0.060 level. It succeeded in going slightly above $0.1 the next month.
Cardano (ADA) Price Today – ADA / USD
At this time, it appeared that ADA price would rise as the bulls kept pushing and more developments were implemented on the network. sadly, it failed to reach its all-time high and drift off. This sideways market has been the trend for some time now.
Cardano Price Tested New Bottoms
The coin fell below the $0.050 region and hit new bottoms. It bounced back and established a 0.058 to $0.060 range. From this range, it has struggled to break out. Despite the push from the bulls, ADA price couldn’t hold the momentum when it tested $0.061. it always falls back into its range. A few days ago, the bulls pushed the price out of its resistance level, and it hit $0.065. a brief price correction sent the coin back to its range once more.
How can Cardano price break out of this resistance level? Some analysts suggest that decentralization implementation would have a great effect on the price of ADA. Shelley upgrade is one of the most anticipated upgrades in the crypto space. It will be implemented in the coming weeks and may just give ADA price the boost it needs to leave the bearish trend.
At the moment, there are over 50 developers working on the upgrade full time. The testnet was also launched sometime in June with developers working on fixes and bugs. When it is released, the Cardano project may just reach its potential while the price of ADA follows closely behind. Hopefully, this would quell the fears of investors in the network.
Trouble for Tron as TRX May Lose 50% Of Its Value
An analyst on the crypto space known as Moon Overlord on Twitter predicts that Tron could lose 50% of its value. Tron is the 12th largest digital currency by market cap. It has shuffled between the 10 to 12th position on the list in the past few weeks. Now, it shows signs of a crash that will wipe half its value if it fails to break the final support on HTFs.
On a previous post, this analyst mentioned that it could lose as much as 70% since it didn’t have any support on the chart. He was shocked that the coin could hold it together despite the looming crash.
Tron’s CEO, Justin Sun has also experienced his own share of the woes. His lunch date with Warren Buffet, a veteran investor, was canceled. An investigation by the Chinese government led to the suspension of the lunch meeting. Sun’s health condition was also a factor in the cancelation of the lunch date. Reports surfaced that the 29 year-old CEO was suffering from a kidney stone infection.
Will Tron recover from this setback?