Price Analysis

Cardano Price Analysis: Will Cardano (ADA) Be Able to Maintain its Grip Amidst the Declining Market

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  • Introduced a new and more secure Paper Wallet.
  • Partnered recently with Metaps Plus, one of the largest mobile companies in South Korea.

After the 1.5 Shelly update, Cardano (ADA) saw some good trading volume. The community is active, and developers of the coin have a good reputation when it comes to engagement with the users.

ADA Coin Current Statistics:

Cardano price chart - June 4

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  • On June 04, at UTC 07:54, the price of Cardano is at 0.08347 USD.
  • At the same time, ADA is valued at 0.00001081 BTC per coin.
  • With an ROI of 294.42%, ADA is currently ranked at 12th place in cryptocurrency ranking.
  • The market capitalization of Cardano is 2,216,836,271 USD.
  • Along with that, the 24-hour trading volume of the altcoin is 200,246,515 USD.
  • Additionally, the circulating supply of the coin is 25,927,070,538 ADA.

Cardano Price Comparison:

On May 10, Cardano (ADA) was trading around 0.06748192 USD. However, today, the coin is trading with a hike of 23.7%. As you can see in the chart, in a week duration, the coin has gone down by $0.0095 (almost 10%), but there is still scope of a bounce back as of now. Again, looking at the monthly trading chart, it is clear that the price has seen a lot of variation. In spite of all of that the coin has seen an overall growth of 32% in a month of trading.

ADA Coin Prediction:

At the time when the crypto space had a bearish run in April, ADA coin was able to maintain steady growth. There is again a bearish trend in the market, and most of the altcoins have declined from their previous trading value. As of now, it is expected that Cardano will be able to hold its market grip, and there is a support level at $0.08.

Conclusion:

The team of Cardano (ADA) is now more focused on long term development. It is a good sign for the project. However, amidst the current trend, it is suggested to avoid small term holdings. With that said, investors should go in the market with a long term investment plan.

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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