Price Analysis

Cardano Price Analysis: Intraday Recovery In Cardano (ADA) Hikes The Expectations

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Cardano experienced a blow in the chest due to the current volatility. Yesterday, ADA touched a low of 0.081873 USD. However, the market open with a recovery sign on the first day of June month. The recovery has raised the expectation in the investors.

Marketers believe the recovery in Cardano is due to the purchasing spree. As per the latest news, Emurgo will be introducing three companies in its recent event. The companies will be seen building on Cardano blockchain.

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The signs of the same are pointing towards a brighter day in the crypto market.

Let’s have a look at the current trend of Cardano.

ADA Price analysis:

The chart is taken from Trading View, on 1st June 2019

Cardano price chart - june 1

  • Cardano is at 12th position on the cryptocurrency chart.
  • ADA is dealing today at 0.089025 USD.
  • The ROI is marked at 310.67%.
  • Cardano market cap stands at 2,308,164,764 USD.
  • In 24hr, the volume of Cardano is marked at 133,441,112 USD.
  • Out of the total of 31,112,483,745 ADA, the circulation supply is 25,927,070,538 ADA.

Cardano price chart - june 1

Cardano Price Prediction and Comparison:

The YTD chart is showing the bullish trend in the market. If we compare the prices from Jan 2019 till now, the increase noted will reflect a tremendous hike.

If we deeply look into the chart, from yesterday’s fall till now, then a huge recovery is observed. On 31st May 2019, the price touched a low at $0.081055. However, the price recovered, and before closing, it touched $0.09001. The intraday price saw an increase of 11% (not bad at all!). Today, on 1st June 2019, the price struggled to keep it tight around $0.09 but couldn’t and dropped.

The drop is the price is considered to be temporary, as we can observe a magnet around $0.09.

With the resistance level at $0.102 and support lever at $0.07, the investors can go for Cardano. Many investors predict that the price might touch $1 by the end of 2019, but for us, the projection is vague.

Conclusion:

The crypto market has raised its expectation because of Emurgo. The correct prediction can be made after the meeting takes place in Japan in the month of June. Till then, we would recommend the investors to hold tight and wait for the surprise.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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