- Cardano ADA Starts Losing Bullish Momentum And Starts Trading Red Against the USD
- Cardano ADA Falls Below the $0.0530 Level With Lower Lows to Come
Cardano News Today – Cardano has been bullish against the USD for many weeks. It has built up significant bullish momentum as the Cardano development team works on the Cardano Shelley mainnet launch. Yesterday, the bulls started pushing the price upward against the USD until it moved as high as $0.0580 where it faced rejection and started falling lower against the USD breaking several support levels along the way. At first, it seemed like it was just a minor reversal that would be corrected quickly. However, as soon as the token fell below the core support at $0.05500, it became clear that the bears have taken temporary control of the market.
Cardano News Today – Cardano Starts Falling After Facing Rejection at $0.0580
Cardano ADA’s sudden decline is most likely due to the negative price action of the entire market. Bitcoin, Ethereum, Ripple XRP, and many of the top cryptocurrencies on CoinMarketCap are now red against the USD. At the time of writing, the price of the token was $0.052306. This shows that it is down by 5.82% against the USD and down by 0.59% against Bitcoin BTC. The trading volume over a 24 hour period is $157,811,877 and the market capitalization is $1,356,149,571. The support at $0.0522 is holding strong but if the token is to fall below this level, the support at $0.0500 will prevent lower lows. The next support after this will be at $0.0480. On the upside, there is resistance at $0.0540. Moving higher than this level will require significant bullish momentum. It will be able to rise above $0.056 and eventually get to the $0.0580 level near-term.
Cardano (ADA) Price Today – ADA / USD
With the rate at which Cardano ADA is falling, there is a strong chance that the token will reach lower lows if it falls below the $0.0500 level near-term. The good news is that the Cardano Shelley Mainnet launch is scheduled to happen next month. With the Shelley mainnet launch so near-by, the price of the Cardano ADA token is more likely to move higher instead of lower against the USD. After all, the upcoming Shelley mainnet launch is responsible for the bullish momentum that Cardano ADA has been gathering since January. So, there is a strong chance that the buyer’s sentiment will become positive within the next few days. Let’s see what happens before the end of trading today.