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Price Analysis

Cardano Price Analysis: Cardano (ADA) Price Is Again Trading Downwards

Sustenance of intense, volatile market is not new to the crypto investors and crypto community. By this time, everybody surely has accepted the fact that holding owns value in the bullish ranges is getting critical and difficult for altcoins like Cardano. This is the reason why even if they trade in the bullish ranges also, they will have higher propensity to drop down at any interval. Moreover, BTC is still highly erratic and turbulent so, it remains ready to snatch away the values of the altcoins every then and now.

Current Statistics of Cardano:

  • ADA Price in USD: 0.0452 USD
  • Market Cap: 1,183,389,442 USD
  • Circulating supply: 25,927,070,538 ADA
  • 7 Day High / Low: 0.055928 USD / 0.044860 USD

ADA to USD Price Comparison & Future Forecast:

Cardano Price Prediction
Cardano Price Chart by TradingView

From the above 5-day ADA price chart, it is understandable that from the noon of 10th August till the evening of 14th August, Cardano coin has traded above the baseline mostly. Although there were fluctuations and slight intermediate declinations, it tried its utmost to hold on to its value besides thriving in this intense, volatile sphere. Since the evening of 14th August, ADA has been trading under the baseline, and currently, ADA price is on the decline. As the fluctuation intensity of Cardano is high, it is getting difficult for the same to have effective support levels which can push its value up to a significant level. On 11th August, ADA traded at 0.055710 USD, and on 16th August, it declined to as low as 0.046365 USD. So, within a span of 5-days, ADA price is declined by 18%. Considering the above facts, we think that in the upcoming days, ADA can have a value around its next support level of $0.044. And if Cardano price breaks out this trend, it might surge up to its next resistance level of $0.047.

Conclusion:

Thus, from the above analysis and past data, it is pretty much evident that Cardano will not be able to retain its value in the bullish range at a constant level due to intense volatility that is prevailing in the crypto sphere. Until this volatility is getting reduced, it is not possible for ADA to spike up its worth and retains the same. Therefore, one should not consider investing in it as of now.

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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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