Cardano Price Analysis: Current Momentum Is The Sheer Mirage; Bearish Trend Remains Continual For ADA

The Cardano Foundation is making many fundamental changes in the organization, and the new one in the list is the appointment of Hinrich Pfeifer as the new Foundation Director. In Cardano’s plan of its worldwide expansion and further strengthening its leadership, the step was taken. As the director of the organization, Pfeifer’s role will be based in Zug and Zürich. In addition to that, Hinrich’s task will be to implement the mission and vision of Cardano, which include leading its global team and ensure accountability.  

Current Statistics of Cardano Coin:

• On July 03, at UTC 07:12, Cardano price was trading at $0.0825.
• Along with that, ADA was trading around 0.00000724 BTC.
• Market Capitalization of ADA coin is at 2,148,044,319 USD.
• Additionally, the 24-hour trading volume in the altcoin was 184,656,791 USD.
• The number of Cardano coins circulating in the market were 25,927,070,538 ADA, having an ROI of 282.18%.

Cardano to USD Price Comparison:

On June 08, ADA was trading around 0.08348 USD. Nevertheless, today, after 25 days, the crypto has made a slight downward movement, and currently, it is trading with a marginal decline of 1.17%. In weekly charts, however, the altcoin suffered a huge breakdown of 15.38% from the market price of 0.0977 USD on June 27. Although there was a bit of strengthening in the altcoin for the previous day. It again fell from the opening price of 0.083800 USD yesterday, while wrapping the day up at 0.081077 USD, with a decline of 3.25%.

Cardano Price Prediction:

Although the coin is facing a bad time, it may soon wash off, because currently, the altcoin shows a bit of positive movement. At the current price level, the immediate resistance for the coin is at $0.08486, and if it fails to move upwards, then it may roam around its immediate support level of $0.077.

Conclusion:

At the time when the market is dragging crypto space down, the only thing that an organization or any altcoin can do is to focus on its fundamentals; and the Cardano Foundation is performing a good work in that area. As far as trends are concerned, I would say that holding ADA in the long term will be a smart move. With that said, the short term is unpredictable in such a volatile market.