Cardano Price Analysis: ADA/USD Bearish Trend Continues

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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) is trading at $0.0534 against the United States dollar (USD) and showing a positive and upward growth of 1.72 percent. The market cap of the coin is $1,386,390,107 against the United States dollar (USD) and the 24 hours trading volume of the coin is $47,889,979 United States dollar (USD) at the time of writing this article.

Cardano (ADA) is one such altcoin that is showing a slight slump in the Cryptomarket and the coin is also not showing any signs of sustainability. The coin showed some increase at the beginning of the last week but since then the coin is consistently showing a fall.

Cardano (ADA) has consistently fallen in the past few days, placing it as low as $0.048 The coin’s current indicators shows no sign of improvement and the researchers and analyst also does not see the coin coming out of the gloomy position it is in now in the next couple of days.

The coin has been consistently falling in the last 24 hours and failing to climb. It showed small progress but again it has fallen and settled at the lower support level. The current scenario is clearly showing that the coin is quite uncertain and is becoming very volatile in the market.

The resistance level for the coin $0.05, $0.053 and $0.0555 respectively and support levels being $0.046, $0.044 and $0.041 respectively. The future for the coin is also very bleak and shows no sign of improvement as the coin may fall further in the near future.

Though the coin is believed to have not lost everything and some research and crypto analyst believe that the coin can still revive itself and become profitable. The coin may even turn out to be a good investment option for the investors and the traders in some time in the future. The coin may reach $0.05 for a stable period of time and not temporarily and by 2020 the coin may even reach the $1 mark. There has been only one time since the inception of the coin that is has crossed the dollar one mark and that was in 2018.

Nevertheless, Cardano (ADA) is such a coin that has always shown and proved itself worthy of the position it holds (Rank 13 among the digital currency as of now. It is among the top ten digital currencies. The coin has come up and improved its position after every fall. Let us see how the future place out for Cardano (ADA) and if the investors and the traders show some interest and trust in the coin or not. The future is unpredictable.

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