On June 4, 2019, the Cardano price (ADA) reached an hourly high of $0.88. A rapid decrease ensued and the price made lows of $0.82 the same day. A gradual increase was followed by a decrease. On June 10, the price made a low of $0.076.
Since then, the Cardano price has been increasing.
Will it reach highs above $0.1 again? Let’s find out! (For our previous analysis, click here)
Cardano Price (ADA): Trends and Highlights for June 11, 2019
- Cardano reached a high on June 4.
- It is trading inside a descending channel.
- The 10- and 20-hour moving averages have made a bearish cross.
- The 10- and 20-day moving averages have made a bearish cross.
- There is support near $0.074.
Cardano’s current pattern has been traced using the one-hour price of ADA/USD on Binance from June 4 to June 11.
On June 4, the Cardano price (ADA) reached an hourly high of $0.088. A rapid decrease began and the price made a low of $0.082 during the same day.
Since then, the price has been trading inside the descending channel outlined below:
On June 7, the Cardano price (ADA) reached the resistance line of the channel before beginning a downward move towards the support line.
On June 11, it again reached the resistance line.
Will it begin another decrease towards the support line? Let’s look at technical indicators and find out
The Cardano price (ADA) is analyzed alongside the 10- and 20- period moving averages (MA) in an hourly time-frame (first graph) and daily time-frame (second graph)
On June 11, the 10-period MA crossed below the 20-period one. This is known as a bearish cross and is often an indication that a downtrend has begun. However, as seen by the numerous bearish/bullish crosses inside the channel, it is a relatively short-term indicator.
However, the same has occurred in a daily time-frame:
On June 10, the 10-day MA crossed below the 20-day one. Both MAs had previously offered resistance to the Cardano price (ADA) since June 3. An unsuccessful attempt at a breakout was made on July 7. Afterward, the price has been facing very close resistance from the 10-day MA.
The use of these indicators supports a price decrease towards the support line of the channel.
Cardano Price (ADA): Reversal Areas
One support area is traced for ADA/USD below:
The closest support area is found near $0.074. If the price continues to decrease at the rate predicted by the channel, it is likely to reach this area on June 18. According to the technical indicators, this is likely to occur.
Based on our analysis, the Cardano price (ADA) will likely reach the support line of the short-term channel. A breakdown from the channel is possible. It is likely that the price will reach the support area outlined above.
Charles Hoskinson signs Cardano Atala deal with government of Georgia
Charles Hoskinson, the CEO of IOHK and co-founder of Ethereum, signed a memorandum of understanding with the minister of education of Georgia and the Free University of Tbilisi to use Cardano and Atala for a blockchain-based credential verification system.
The MoU represents a broad outline of the agreement between IOHK and the government of Georgia and Free University of Tbilisi reached through negotiations but it is not a legally binding document. It does, however, signal the intention of all parties to move forward with a contract.
Atala is IOHK’s enterprise blockchain solution, similar to IBM’s Hyperledger Fabric, with applications such as registrations and deeds, localized currencies, and supply chain catered towards governments.
Unlike Hyperledger Fabric, Atala will focus on cryptocurrency adoption according to Hoskinson. Atala may expose the Kingdom of Georgia’s 10 million people to Cardano and its Ada token.
In May, IOHK inked a similar deal with the Ethiopian government to build a payment system in Addis Ababa, the country’s capital.
The price of the Ada appears unaffected by the news. Relative to Bitcoin, ADA is down 0.23 percent over the last 24-hours.
Cardano Continues To Surge Against The USD As Traders Anticipate Shelley Upgrade, How High Will ADA Go?
Cardano news today – Cardano has been on fire for the past few days now. After losing over 10% of its value, the cryptocurrency gathered enough momentum to surge against the USD and has been on a bull run since then. When the price of Cardano ADA started to fall against the USD, some analysts suggested that a sell-off is ideal. Fortunately, the cryptocurrency picked up and has been on an uptrend since then. Yesterday, ADA also suffered a down turn against the USD falling as it was outperformed by BTC. To be fair, ADA wasn’t the only cryptocurrency that was being outperformed by Bitcoin. Almost every altcoin in the market was suffering the same faith.
Cardano News Today – Cardano Shelley Upgrade – ADA USD News Today
Over the last week, the price of Cardano ADA is up by almost 10%. Yesterday, it started the day trading sideways and the price fluctuated significantly more than three times. This gave short term traders the perfect opportunity to buy and make quick profits. Unfortunately, the downtrend intensified after a while per our Cardano news yesterday. Because the price of ADA fell below the key support level at $0.087945 yesterday, it started to surge against the USD and has been trading in green since then.
Cardano (ADA) Price Today – ADA / USD
Right now, the most crucial support for Cardano ADA is at $0.80913. If the bulls were to lose their momentum and the bears take over the market, the cryptocurrency will fall. It would touch at least two support levels before it finally hits $0.80913. Staying above this level is critical to avoid a slide back into the $0.7000 level. All the technical indicators show that it is currently a bull market. So, a surge in the price of Cardano ADA is more likely to happen than a fall.
Cardano Price Prediction 2019 – Cardano Shelley Upgrade – Current Price Of Cardano ADA
With the Cardano Shelley upgrade scheduled to be activated on the testnet in the next two weeks, traders are anticipating a surge in the price of ADA. Cardano Shelley is going to make the blockchain more attractive thus making the Cardano token more useful. This, in turn, will lead to a surge in the price of ADA. The anticipation surrounding the Shelley upgrade may be part of the reasons why the price of Cardano is currently outperforming most cryptocurrencies including Bitcoin. So, there is a high chance that things will get even better after the upgrade.
At the time of writing, the price of Cardano ADA was $0.091675. This means that it is up by 5.99% against the USD and up by 1.08% against the BTC. The trading volume over a 24 hour period is $172,548,885 and the market capitalization is $2,376,854,897. It is one of the best performing altcoins at this time and there is a high chance that the bullish rally will continue over an extended period. As long as the bulls continue to maintain their control in the market, Cardano ADA will test the $0.1000 level near-term. Right now, the immediate support is at $0.0900 while the immediate resistance is at $0.0920.
What do you think about the Cardano price prediction in our Cardano news today? Is the Cardano Shelley project going to be the key that will lead to a surge in the price of ADA? Share your thoughts in the comment section below.
Cardano’s Charles Hoskinson Encourages The Community To Prepare Ahead Of The Shelley Upgrade
As you know, the whole Cardano community is waiting patiently for the Shelley Upgrade.
Shelley Update, to boost ADA
It’s been already reported that this will be a game changer for Cardano and it will also lead to a surge in ADA’s price.
A few months ago, the co-founder of Cardano blockchain, Charles Hoskinson was saying that the blockchain will become 100 times more decentralized than Bitcoin after the Shelley gets activated.
He was pointing out to the fact that this and many other benefits will drive the mass adoption of ADA and prepare the scene for it to take over Ethereum.
As you know, Ethereum is now the leading host of smart contract and decentralized applications.
These days, Hoskinson is asking the community to get ready for the upgrade, as Smartereum reports.
He said that the success or failure of the blockchain would depend on the community and not the founders. He said that he’s not in charge, but the users are, as cited by the online publication mentioned above.
In the next two weeks, the Cardano blockchain will be activated on the testnet, and after a while, the beta version will get activated.
From PoW to PoS
The Cardano Shelley upgrade will make it possible for the blockchain to no longer depend on a PoW consensus mechanism which was made famous by BTC. On the other hand, it will depend on a PoS consensus mechanism.
Smartereum notes that Ethereum also plans to migrate to the PoS algorithm soon.
The Ethereum Serenity upgrade will reportedly be the final version of Ethereum and it’s going to be based on PoS.
Cardano was recently in the spotlight, just the other month after Weiss Ratings called the project one of the most successful ones in the crypto space.
Following this tweet, Weiss Ratings faced some backlash.