Price Analysis

Cardano Price Analysis: ADA Is Sweeping Down to the Bearish Zone

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The condition of the crypto sphere is running at its worst at present, and the condition is expected to attain no betterment before the end of this year. The intense volatility along with the turbulent and erratic nature of Bitcoin, has ravaged all potentials of the altcoins like Cardano.

Current Statistics of Cardano:

  • Cardano price: 0.055544 USD
  • ADA Price in BTC: 0.00000475 BTC
  • Circulating supply: 25,927,070,538 ADA
  • Market Cap: $1,446,125,511 USD

ADA to USD Price Comparison:

Cardano Price Prediction
Cardano Price Chart by TradingView

From the above 5-day Cardano chart, it is visible that its price trend is following a negative line only with no sign of hope to be back in the bull trend sooner. From 1st August, ADA’s momentum had completely deterred, and since 2nd August, it has been trading in bearish range continuously. Even, no intermediate bull trends were noticed since 2nd August. So, one can imagine how worst the condition of Cardano has turned out to be. On 2nd August, ADA had a trading value as low as 0.056361 USD and today, and it got further deterred to 0.055329 USD. So, within five days, ADA price got deterred by 1.42%. Even, there are no effective support levels as it has been trading in continuous bearish ranges. Considering these facts, we think that in the upcoming days, Cardano price might reach around its resistance level at $0.058.

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Cardano Price Prediction & Conclusion:

Thus, it can be said that ADA is not going to trade in bullish ranges sooner as the market conditions will not let it do so. So, it is better not to consider any investment on the same and to wait for the right time until the market volatility subsides to a great extent.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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