Cardano (ADA) Price Analysis: ADA Price Surge by 6% yesterday, will surge further or Decline??

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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.

Cardano (ADA) prediction for the year was bullish. But unfortunately, the coin slumped after reaching a high of $0.09 against the United States Dollar (USD). The coin suddenly fell and the slump was accompanied by the fall in the value of the flagship coin (BTC) below the $7,500 level against the United States Dollar (USD).

At the time of writing this article Cardano (ADA) is trading at $0.0833 against the United States Dollar (USD). The market cap of the coin was $2,159,992,075 United States Dollar (USD) and the 24 hours trading volume was $121,844,058 United States Dollar (USD). The coin was showing negative growth of 3.71 percent.

Yesterday the coin showed a massive growth of around 6 percent and pushed its price to $0.85 against the United States Dollar (USD) where it met resistance. The coin is in a very crucial position right now as it needs to find a support level soon otherwise its price can fall to around $0.057 against the United States Dollar (USD).

Another situation is also arising for the coin that if it crosses this resistance level, it will face the next resistance level at $0.088 against the United States Dollar (USD) and if it crosses that resistance level also, it is a high possibility that it will reach past the $1 mark against the United States Dollar (USD).

The coin is not being able to capitalize on the bullish trend that it is gaining and hence the bears are taking over the coin. Hence the coin is becoming very volatile and unpredictable. It remains to be seen how the coin plays out in the future. There are many questions that are surrounding Cardono (ADA) like why is not being able to gain bullish trend? ; Will it ever be able to cross the $1 mark against the United States Dollar (USD); Will Cardano (ADA) gain momentum and many more. Let us see how well Cardano (ADA) answers these questions.

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