- Cardano ADA Falls Back to the Support at $0.031 After Moving as High as $0.037
- If the Cardano ADA Token Doesn’t Move Above the $0.034 Level Soon, the Selling Pressure Will Increase Significantly
- The Entire Cryptocurrency Market Is Falling Against The USD
Cardano Price Analysis – Last week, when the price of Bitcoin started increasing against the USD, it reached a 3-week high of $0.037. At the time, we predicted that the price of the token was going to keep rising if the token can maintain the bullish pressure. Unfortunately, this didn’t happen. The bears suddenly regained control of the token dragging it lower and lower until it retested the $0.031 level again. The token has been losing momentum almost continuously for the last two days.
Cardano Price Prediction And Analysis – Cardano ADA Lacks Momentum
Right now, the price of the Cardano ADA token doesn’t have a chance as the risk of falling to the $0.030 level continues to increase. Right now, the only way Cardano ADA is going to avoid falling is if it maintains its grip above the $0.030 level. Moving below $0.030 is going to lead to lower lows against the USD. Falling twice in two days made the price of Cardano ADA hit a double bottom at $0.031. The intraday chat doesn’t show any sign of an upcoming bullish move anytime soon. If the bulls can push the price above the $0.034 level, preventing further losses will be possible as the relative strength index is now around the 35.61 level which is in the bearish territory. Right now. There is strong selling pressure in the market.
Cardano (ADA) Price Today – ADA / USD
The Cardano ADA token isn’t the only one that is struggling against the USD. Bitcoin BTC and virtually every other token is falling against the USD. Bitcoin fell below the $6,800 level dragging the rest of the market along. At the time of erring, the latest cryptocurrency per market capitalization was trading at $6,727.81 down by 2.04% against the USD. The trading volume is $40,547,039,319 and the market capitalization is $123,266,324,297. Cardano ADA, on the other hand, is trading at $0.032347 with a trading volume of $83,803,497 and a market capitalization of $838,671,104.
Right now, the entire world is suffering economically due to the Coronavirus pandemic. If things don’t get better soon, the damage on the global economy will be catastrophic and it would take the world a long time to recover. The Ripple effect of the pandemic is already extreme and there is no way to predict how long it will take to get rid of the virus.