Cardano (ADA) price analysis: Coin is showing a bit of bearish trend but is expected to soon move to the bullish trend

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

In our articles about Cardano (ADA) since the start of this year has been praising Cardano (ADA) about its bullish trend. But there is a bit change in this one. Cardano (ADA) has been bullish since the beginning of this year, but suddenly it has started showing bearish trend since a few days. Its price has started falling against the United States Dollar (USD).

Bitcoin (BTC) has been trading well since weeks, and the price of Bitcoin (BTC) has crossed $6,000 after a long time, and the coin is also expected to pass $10,000 in a week or so. At the time of writing this article, Bitcoin (BTC) was trading at $6,820.23 against the United States Dollar (USD) and showing positive growth at the rate of 8.41 percent.

The Market Cap of Bitcoin (BTC) was $120.68 billion, and the supply of Bitcoin (BTC) in the market was 17.69 million. Even if Bitcoin (BTC) is trading well in the market, the other Altcoins are not performing as well as expected. They are not getting influenced by Bitcoin (BTC), the flagship coin as they should. Hence Cardano (ADA) is also not getting affected by the growth in Bitcoin (BTC) as it should.

As of writing this article, the Cardano (ADA) is trading at $0.07 against the United States Dollar (USD). It is also showing a positive growth rate of 12 percent. The Market Cap was $1,850,707,515 United States Dollar (USD) and the 24 hours trading volume is $109,903,751 United States Dollar (USD).

But still, the experts hope that the price of Cardano (ADA) will rise owing to the new developments that are ongoing by the company like the Cardano shelling. These new launchings are expected to give a boost to the price of Cardano (ADA). Cardano (ADA) is expected to reach as high as $1.7 against the United States Dollar (USD). How the different things play out in favour of Cardano given the volatility that prevails in the crypto market remains to be seen.

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