Cardano’s ADA is currently trading at $0.0720 with a market capitalization of $1.8 Billion, The current price of ADA is a major positive concern for the Cardano community since it has been on a downward trajectory for the past few weeks.
ADA has been posting negative results at a time the crypto market is on a bullish run but that seems to be changing with the positive price change today, Cardano is currently up over 15% today.
Based on a number of developments on the ADA network, all price predictions for the crypto ranked at the 10th position was bullish. At some point in 2019, ADA even displaced Tron. Compared to the US dollar, For the most part of 2019, ADA has been on a decline making many experts question if the asset will is losing steam.
On May 4, ADA was trading at $0.0700 market and hit the $0.067 mark a few hours later after sellers managed to pull the price lower against the US dollar.
The bears showed up after ADA broke the 25 simple moving average and the 76.4% Fibonacci retracement mark of the last decline from $0.0663 to $0.0739.
ADA then moved to a bearish zone after trading below the $0.0657 mark which indicated that the crypto was now in a bearish zone. However, ADA’s decline did not see it break the $0.06 support level. Short term prediction shows that the value of ADA might rise further.
However, this decline is not tied to ADA alone. While Bitcoin is enjoying a bullish run, the majority of altcoins have been struggling to keep up, except for today that most Cryptocurrencies have gained massively following Bitcoin’s surge to $7k
At the moment, we should expect ADA to keep soaring as it attempts to surpass the $0.08 resistance level. If ADA moves above the $0.075 price mark, the asset will then embark on a bullish run for the long term.