Price Analysis

Cardano (ADA) Price Analysis: In Spite Of Having Frequent Shifts, ADA Is Holding Its Value Higher

The 5-day chart of ADA is indicating high liquidity of the coin. It is highly unstable. Its value is shrinking incredibly lower, but at the next moment, it is also spiking up, which exhibits high volatility. In spite of this great turmoil, ADA is still holding its value significantly to a certain extent. This proves the fact that although volatility will persist throughout this year, ADA even if it dips down after getting impacted with this volatility and turbulent nature of BTC, can raise its value back.

Current status of ADA:

  • Current trading value in USD: 0.080905 USD (UTC time 08:23)
  • Current trading volume in BTC: 0.00001013 BTC
  • Market cap: 2,095,129,696 USD
  • Market rank: 10
  • Circulating supply: 25,927,070,538 ADA

Price analysis and future price predictions:

Cardano Chart

From the 5 day chart, it is evident enough to understand that just within the past 4 days; the price ranges of ADA have incurred a great momentum. Just on 20th May ADA had traded at 0.079451 USD, followed by an intense deterioration of its value to as low as 0.074103 USD. It is currently trading at 0.080814 USD (UTC time 07:53). The shift in prices of ADA has been high enough just within a span of only 5 days. Considering today and the past four days, the value of ADA has decreased by 1.68%. It has no significant resistance currently because it is likely to push up its value to a persistent bull trend. From the trend line, it is evident enough to understand that the value of ADA since the last two days has been picking up the motion slowly but steadily. It is still on a bearish trend and it seems that it will be deterring down on the upcoming days to a certain level before picking up its momentum.

Conclusion:

There is no doubt that ADA is a potential cryptocurrency which can assure of high returns from long term investment. But it is just like any other cryptos which are getting affected with this increased volatility of the market. It will be on the fluctuating zone and will be having great shifts in its value. So, it is better not to opt for long term investment currently and to wait till it attains stability.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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