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Price Analysis

Cardano Price Indicates Moderate Recovery Despite Intraday Loss

  • Cardano price is indicating an overall improvement
  • The price rally is expected to happen soon

Cardano (ADA) is ranked among the top performers of the market. Recently, the crypto market has entered the volatility phase and Cardano is also experiencing the same. However, if we have a thorough look at the chart, then it reflects a moderate upward movement.

Today, the market is giving mixed indications. It opened with a bearish trend but recovered after some hours and now, it is again dealing with the negative digits. Looking at the broader picture, the currency was experiencing a heavy fall in the past few months, but the recent fluctuation gave a push to the coin. Let’s have a look at the same.

Cardano Price Analysis:

The chart is a data feed from Bittrex as on October 11, 2019 at 08:47:56 UTC.

Cardano Price Chart
Cardano Chart By TradingView

Looking at the graph, it is quite evident that the price movement is indicating a loss-making scenario. However, the ongoing month has marked improvement after August recorded an overall fall. In 10 days, ADA fell by 21.94% from $0.059 to $0.046. There was an immediate improvement in price which took it to $0.054. The progression was of 19.47%. ADA couldn’t deal at $0.054 for much longer and fell to $0.046 once again. The month closed at $0.044 with an approximate loss of 24.74%.

Last month, the first half recoded a moderate movement in the price marking an escalation of 21.27% on September 16, 2019, which took the price from $0.045 to $0.055. However, the currency fell tremendously by 36.88% and touched $0.035. September recorded a 12% loss in price as the month closed around $0.039. The ongoing month has recorded a 8% profit until now as the price counter has moved from $0.039 to $0.42.

The chart is clearly pointing towards that Cardano is on the path of growth. The last quarter holds high expectations and we are looking forward for a higher number to hit. In the coming years, Cardano (ADA) is rumoured to have a flourishing future. For intraday traders, the time could be a little confusing. Thus, it is recommended to hold the investment. For long-term investors, ADA is anticipated to give the maximum result.

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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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