ADA has been in a downtrend for some time. The price fell below $1.0 and is currently trading at $0.91, but is this the beginning of a major upward trend?
The ADA team has been working on many new projects that have yet to be released to the public, and as more information becomes available we could see a surge of interest in this coin. In addition, there are rumors that Cardano will soon move to Proof-of-Stake which will improve the blockchain’s decentralization and scalability while making it much easier for ADA holders to stake their coins. On top of that, there has been some speculation by the Cardano team that a large-scale launch of their new crypto wallet – Daedalus will soon take place. Daedalus is going to allow for the creation of a vast array of smart contracts and decentralized applications.
Tron Coin News [tron. network] recently reported on some new developments that are happening with ADA and we encourage readers to review this article if they want to learn more about what’s happening with Cardano. Tron also reported that ADA’s staking network is now listed on www.stakehunter.com, a website where staking coins can be searched for and found.
In the past, Cardano was trading in the $1.50 to $2.00 range, so is ADA headed for a major bounce back?
Only time will tell if this will happen or not, however, we do encourage our readers to keep an eye on this project as there could be some exciting developments coming down the pipeline in the future as Cardano continues to grow into one of Europe’s most well-respected cryptocurrencies.
ADA Price:
Cardano (ADA) currently trades at $0.91 with a market cap of $9 million and a daily trade volume of approximately $1.2 million. The past 24 hours have shown some volatility in the market, which is normal for any cryptocurrency as there are buyers and sellers coming and going at a rapid pace. However, the long-term trend is still down which means that it will probably take some time before this project can start to see significant gains once again.
The next major resistance level for Cardano is currently at $0.99, and this is the price we will probably see ADA reach in the near future (if we can get a strong enough bull run).
Cardano (ADA) Chart Source:
The ADA price chart can be seen in the image above, and it’s been in a rough downtrend for quite some time. That being said, Cardano has been trading inside of a descending wedge pattern since December 2017 so we could see a breakout anytime soon. The price could reach $1.50 before getting to $0.99 which is the next major resistance level for Cardano, and this happened before when the price broke $1.20 in Sep 2017 before getting to $1.50 in a matter of days.
Cardano (ADA) Chart Analysis:
The image above is Cardano’s chart analysis and it shows the support level at $0.87, this price is an important one because if ADA can break below this price it could fall to as low as $0.73, which is the last major support level for Cardano on this chart. The RSI indicator has turned from overbought to oversold so we could see a rebound in the near future.
Looking at the chart above we can see that the price of Cardano (ADA) is trading in a descending wedge so it might soon break up and head towards $0.99 and even more. The indicators on the chart are currently oversold, which could cause some bounces from time to time.
Conclusion:
The price of Cardano (ADA) is currently in a descending wedge and it could break out at any moment. As soon as this project gets a major bullish run we will see this coin soar high as the community around Cardano has been waiting for the bulls to come back for some time now. The staking network is now being listed on www.stakehunter.com, a website where staking coins can be searched for and found, and the ADA team has been working on many new projects that would improve Cardano’s performance and market adoption.
