Price Analysis

Cardano Price Analysis: Will ADA Be The New Shining And Promising Coin In The Market?

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If you are looking for the most promising altcoins to invest in the month of June, ADA might seem like an excellent choice. One can see the trends from the past 5 days that will tell you how ADA has become a promising altcoin for this year.

Emurgo, driving the adoption of Cardona tweeted lately regarding an event that is going to take place in June inviting Charles Hoskinson, Founder, and CEO of ADA. This event will take place in Emurgo japan office, where they will be introducing 3 companies which will start building on Cardano blockchain system.

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It seems that ADA is all set for the Bull Run in the market. Let’s check the value of the same as of today.

Cardano Price Analysis on 31st May 2019:

Cardano Price Chart

At 8:20 UTC time, the value of ADA is traded at $0.0840 on 31st May 2019. The return on investment is known to be 287.63% ranking the coin at position number 11. Traders are surely rolling their dice on Cardano these days. This year has shown some tremendous upward escalations in the price value. The market cap is valued at 2,178,638,402 USD with 24 hour volume at 208,461,674 USD.

ADA Price Comparisons:

Traders are analyzing the short term and long term value of their investment in Cardano. Long term statistics might bring real numbers in their accounts. But since cryptocurrency is expanding in the short term investment baggage as well, Cardano might be contributing some positive trades as well.

Cardano Price Chart

Considering the data of the month of May 2019, 10th May was seen as the lowest point with value traded at $0.05909. However, the market today has increased to 42% from then, which means the short term investment can be considered too.

Cardano Price chart

In a similar reference, speaking of the highest touchdown, it was realized on 16th May at the value of $0.1. The market has dropped by 16% when comparing the highest of the month i.e. 0.1000 USD with the current trading price. The traders still seem to consider their investments for the long term and short term profits. Ask yourself: isn’t it a better choice to invest for a coin trading above the baseline? Time is the only source to quote the real figures.

ADA Price Predictions and Conclusion:

Based on the last 30 days analysis, the Bullish nature can be seen fighting the odds in the chart. The number of trades seems to be increased from a few weeks now that might improve the ranking of the coin as well. Traders might want to predict the resistance level at $0.102 and support level at $0.07 to play on the safer side.

The price might increase after the official meet in Japan, introducing 3 companies on the platform technology. With the current trends, it might be risky to bet on the value to touch down $1. But who knows! For clear picture better knowledge, just hang in there and keep yourself updated with the latest news and surprises!

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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