Price Analysis

Cardano (ADA) Price Analysis: IOHK announcement of new road map for Cardano makes ADA prices bearish

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Cardano (ADA) prices turn bearish after the roadmap announcement by IOHK. Today, the market opened at $0.0840 and started dripping since then.

IOHK, the parent company of Ethereum Classic and Cardano announced a new roadmap with a vision of Cardano 2020.

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A few weeks back, the rumors were taking rounds that Cardano roadmap is about to release, which will change the entire mechanism of the coin and form a better future for Cardano (ADA).

After the announcement by IOHK, the prices started trending downwards. Marketers believe that the price is influenced by selling pressure.

ADA Coin Market Statistics:

The chart is taken from Trading View at 03:36 UTC for price analysis.

Cardano Price Chart- 09th June

Summary of the statistics:

  • The current trading price of Cardano (ADA) is USD 0.082701.
  • Cardano (ADA) is at the 11th rank in the crypto market.
  • The market capitalization stands at $2,144,206,066 USD.
  • The 24h volume of Cardano (ADA) is USD 129,019,247.
  • The Circulating Supply of Cardano (ADA) is 25,927,070,538 ADA.

The chart of Cardano (ADA) reflects a bearish trend. If we talk about yesterday, the market opened at $0.08599. During the first hour of the day, the prices struggled to hold itself around $0.0860 and $0.0865, but the effort went futile, and the prices dropped. About 17:30 UTC, Cardano (ADA) was at $0.0818. However, it picked itself from the bottom and ended the day around $0.0840. As on 9th June 2019, at 03:36 UTC, the price of Cardano (ADA) is trading at $0.0827. Until now, Cardano (ADA) has dropped by 1.54%. Yesterday, Cardano (ADA) exhibited regression of 2.22% as it opened around $0.0859 and closed around $0.0840.

Price Prediction:

Cardano (ADA) can show some recovery in the intraday chart, but we are not expecting much for now. As per the recent update, new roadmap for Cardano (ADA) may bring a bright future for the investors. By the end of 2019, the price of Cardano (ADA) may trade between $0.1 to $0.3 as per the current market scenario observed and the new roadmap to show its magic for ADA prices.

Conclusion:

The investors find Cardano (ADA) a profitable investment. The recent announcement by IOHK will soon open doors for new opportunities for Cardano. The long term investors will undoubtedly earn profits out of the investment. The short term investors are requested to stay put for some time.

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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