Cardano Price Analysis: Cardano (ADA) Price Trend Turning Pale

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A piece of news came out yesterday that the Cardano Foundation has become a member of Global Digital Finance. The GDF is an industry body aimed at accelerating the adoption of digital finance. Not to forget that, an organization has to go through a thorough assessment and rigorous process before joining GDF, and the Cardano Foundation had to do the same. As a member of GDF working groups, the foundation will look after Custody, KYC/AML/CTF, Stablecoin, Security Token, Market Integrity, and Tax Treatments.

Current Statistics of ADA Coin:

Cardano Price Chart - 5 July
Cardano Price Chart
  • On July 05, at 06:45 UTC, Cardano is currently trading at $0.07703.
  • At the same time, the price (BTC) of Cardano is at 0.00000699 BTC.
  • At present, Cardano is placed at 11th position in the cryptocurrency market, with a market capitalization of 2,010,066,325 USD.
  • Additionally, the 24-hour trading volume in the altcoin is 131,565,695 USD.
  • At the time of writing, the number of Cardano chips circulating in the market were 25,927,070,538 ADA, having a return on investment of 257.64%.

Cardano Price Comparison:

On June 10, 25-days back, Cardano (ADA) was trading around 0.08378 USD. However, today, the coin price has degraded by a margin of 8.05%. A similar trend follows in the weekly trading duration, where the price has gone down by a margin of 12.16% from the market price of 0.0877 USD on June 29.

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Cardano Price Prediction:

As per our prediction, Cardano (ADA) is strong crypto and will surely make a bounce back once the market correction occurs. Additionally, it might trade around $0.3 to $0.5 by the end of the year. At present, the immediate support level for the coin is at $0.07590566, and immediate resistance level is at $0.08132466.

Conclusion:

The membership of Global Digital Finance is a great achievement for the Cardano Foundation. This move will surely help in consolidating the community support for ADA. However, the market doesn’t seem to be in favor of the crypto at present.

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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