Cardano Price Analysis: Cardano on High Experiencing A Heavy Bearish Trend

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Umme Haani
Vinayak Buckshee is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.

Cardano price Analysis
                                                     Source: Image from Pixabay, Edited by thecoinrepublic.com

Cardano is home to the Ada cryptocurrency, which can be used to send and receive digital funds. This digital cash represents the future of money, making possible fast, direct transfers that are guaranteed to be secure through the use of cryptography.

The crypto market sphere has attained no change till now, and the intense volatility is slaying down every potential of the altcoins like Cardano (ADA). In the past two days, the coin is completely submerged in the bearish zone. Majority crypto enthusiasts are of the opinion that as long as volatility will not get to a certain ground, it is not easy for the altcoin like ADA to have a good impact on its trendline and this is the reason why majority projects can fail in the upcoming days.

Current statistics of Cardano
Price in USD  0.0508 USD (06:27 UTC as on 9th August)
Price in BTC  0.00000431 BTC 
Circulating supply  25,927,070,538 ADA
Market cap  1,320,058,365 USD
Market rank  13

From the above 1-day chart, it is well observant in Cardano Price analysis shows the bearish trend is highly persistent than its bullish trend. Although intermediately, it is trying to move up in the bullish zone, due to heavy pull back, it is lacking effective support levels which can actually help to retain its positive values.

Its momentum is declining down really fast. For instance, yesterday, it traded at a low value of 0.0505 USD, and today, it had traded at 0.0506. So, the shift in the prices is not as huge as the bearish range is pretty much consistent in case of ADA, and within one day, its value got increased by 0.59%.

With high market volatility, it is getting tougher for ADA to rise up, and even if it is doing so, it cannot retain the same for long. But the coin has enough potential and it is expected to trade around $0.3 by the end of 2019.

The current crypto sphere is highly unfavorable and this degrades down the values of altcoins like ADA to a great extent. Libra is also seen as a potential for making crypto the norm. However, experts foresee a positive future in the long-term, and the investors are expected to fetch good returns.

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