- No Imminent Turnaround for the Price of Cardano despite Signs of Strength
- ADA’s Current Market Cap Sits at $1.088 Billion
Cardano has been slow in its movement in recent months. The digital currency went down some time ago and has since struggled to get up. Many have anticipated a quick turnaround for the digital asset. Hence, the slightest show of strength is important. However, despite making an upward turn in recent days, it appears ADA is still far off from staying on the upside. In the last 24 hours, the price of Cardano has grown by 1.91%. The coin is now approaching another resistance position at $0.045 as of press time.
Cardano Has Traded Between $0.40845 and $0.043509 in the Last 24 Hours
The price of Cardano has managed to grow by at least 1.91% in the last 24 hours of trade. The price action for the digital asset in the past 24 hours have fallen in the ranges of $0.040845 and $0.043509. The coin’s price has shown three different major price variations in the same time frame.
Cardano (ADA) Price Today – ADA / USD
Cardano opened trading for the day at $0.041171. The first variation for Cardano began at exactly 02:35 UTC. This price action took the value of Cardano to $0.043509 by 14:20 UTC. Ultimately it was followed by another steep fall in value (3.57%) in the next hour and 9 minutes. Then the coin’s value got reached $0.041954.
The few hours after this period was full of volatility. Hence, at 17:18 UTC, the price of Cardano started weakening again. Then between this time frame (17:18 UTC and 02:30 UTC), the price of ADA plunged by 2.85%. This took it to as low as $0.041734.
ADA’s Current Market Cap Sits at $1.088 Billion
The hourly chart analyzing trade for ADA/USD shows that the current market capitalization of Cardano is now $1.088 billion. This means that the market cap of ADA has endured a free fall after dropping from $1.10 billion to the current level in the past 24 hours. Cardano has a 24 hour trading volume of $63,010,060 at press time.
The 20 day average of Cardano as of press time is ahead of the 50 day average. While the current price action for ADA is below both lines by a mile. This scenario indicates that Cardano might not have a chance of initiating any quick turnarounds in coming days. After this the next resistance for the price of ADA may fall at $0.045.