Cardano (ADA) is a digital currency aiming to become a fully decentralized platform that will allow programmable transfers of value in a secure and scalable fashion. Cardano is built in two layers, something that gives the network flexibility when it comes to maintenance. In 2019, ADA has been ranked among cryptocurrencies worth investing in. At some point, the asset enjoyed a bullish run.
After days of upward trajectory, the price of ADA is now slowing down. The asset was building momentum towards hitting the $0.1 mark. However, by the time of writing, ADA was heading the opposite direction registering a -3.70 % drop. The asset was trading at $0.0815 with a market capitalization of $2.1 billion.
The positive growth of ADA was powered by a number of factors within the cryptocurrency market and also the Cardano foundation. For a better part of May, the cryptocurrency market was undergoing a bullish run. Bitcoin was taking the lead pushing along other assets.
Secondly, the ADA’s price surge was linked to the upcoming Shelly development phase. The upgrade is seen as a game changer that would propel ADA towards the $0.1 mark. Once the upgrade is complete Cardano will become more decentralized than Bitcoin.
The current movement of ADA’s price movement might get investors worried. The drop in ADA’s trading volume can be linked to a slight drop in Bitcoin’s value. It is worth noting that the drop has placed ADA value below the $0.085 mark something that indicates buying and selling forces.
In this case, selling pressure seems to be emerging at this support point that has now turned into a major resistance level. From history, the value of ADA has been declining against Bitcoin. The same is being witnessed at the moment.
However, it is worth noting that this drop is only short term. Once the shelly upgrade has been completed, ADA should embark on a bullish run. By the end of 2019, ADA might hit the $0.30 price level.