Cardano News Today – The cryptocurrency market is known globally for its high volatility. The price action of cryptocurrencies starting with Bitcoin is totally unpredictable. One minute, the prices can be surging while the following minute they can be falling. This is exactly what happened to Cardano ADA today. The cryptocurrency fell significantly but subsequently started moving higher against the USD and BTC rising by over 6% within a few minutes. The Cardano price prediction 2019 in our Cardano news was bullish at the beginning of the year but the overall bearish pressure in the cryptocurrency market doesn’t seem to favor the token anymore.
Cardano News Today – Cardano Latest Update – Cardano Price Surges After Falling Significantly Within The Same Period
This morning, the price of Cardano ADA fell significantly against the USD as there was no support to hold the cryptocurrency from experiencing a decline. The trend remained bearish for hours with no recovery in sight. The fact that the cryptocurrency has fallen from the $0.100 despite the Cardano Shelley upgrade and every other major development by the Cardano Foundation is discouraging. Ever since it dropped below $0.100, it has faced a steady decline.
Cardano (ADA) Price Today – ADA / USD
The more the price of Cardano ADA falls, the more difficult it is for it to recover. The Cardano price prediction 2019 in our previous Cardano news placed the price of ADA as high as $0.3 by the end of the year. However, with the current price action of the token, the chances of the cryptocurrency moving this to this level are now slim. It is still important to note that the volatility in the cryptocurrency space can quickly take the price of cryptocurrencies higher against the USD. So, there is really no way to predict the trend in the coming months.
Cardano (ADA) Price Today – ADA / USD
Shortly after the price of Cardano ADA fell against the USD, it started to rise moving higher by more than 6%. At the time of writing, the price of Cardano ADA was $0.049989. This means that it is up by 6.58% against the USD and up by 6.36% against the price of BTC. The trading volume over a 24 hour period is $50,233,023 and the market capitalization is $1,296,067,789.
Bitcoin is currently struggling to hold the support at $10k thanks to the market-wide volatility. If BTC moves back to the 9k level, there is a high chance that it will retest $8.5k if care isn’t taken. Right now, investors are trading with caution and hoping that the volatility of cryptocurrencies will drive them upward soon.
Cardano (ADA) Price Analysis: ADA About To Break $0.05 Level Indicates Bearish Rally
- Cardano is facing significant pricing corrections after going below the mark of $0.06.
- It is facing an overall loss of -13.56% in today’s market and is predicted to go below $0.050.
The bullish momentum built by Cardano from the starting of the month has been put on hold by ADA bears. After reaching the critical resistance area of $0.070, ADA has been facing major pricing corrections for the past few days.
But the decline below $0.060 has proved to be more damaging to ADA as it in a straight position to decline below $0.050 level also. A decline below $0.050 level will just open doors to more losses for the altcoin.
Today, it started with the price range of $0.054 in the hope of crossing the safe support level of $0.060 but the market witnessed something that was completely opposite. Cardano is facing a loss of -13.56% bringing the current price to $0.050.
The market capitalization is of $1,310,551,007 and the 24H volume traded is of $62,788,291. It can be said that the increase in selling volume has resulted in a significant downfall.
In order to have a fresh start, the altcoin needs to break the major resistance level of $0.0580. This will help ADA to cross the psychological mark of $0.060 and gain bullish momentum thereafter.
The technical chart reflects on the bullish momentum gained by the altcoin from the starting of the month which is followed by the ongoing downtrend.
The technical oscillators suggest that the ADA bears are here to stay. RSI has reached an oversold region for the first time this month and is reaching to the low level of 20.
CCI is making attempts to reach the positive territory but the overselling volume is pushing it down.
MACD levels also indicate that there is a strong ongoing selling phase going for the altcoin. The levels are also down trending in the bearish zone.
Resistance Level: $0.0560 and $0.0580
Support Level: $0.0470 and $0.0440
Cardano (ADA) Price Analysis: Bears In Control Below $0.055
- ADA price started a nasty decline after it broke the $0.0600 support against the US Dollar.
- The price even traded below the $0.0550 support level to enter a bearish zone.
- There is a major bearish trend line forming with resistance near $0.0580 on the 4-hours chart (data feed via Kraken).
- The price remains at a risk of more losses below the $0.0520 and $0.0500 levels in the near term.
Cardano price is down more than 5% and trading in a bearish zone against the US Dollar, similar to bitcoin. ADA price could continue to slide if it breaks the $0.0510 support area.
Cardano Price Analysis
In the past few days, cardano price started a major decline below the $0.0600 support area against the US Dollar. The ADA/USD pair even declined below the $0.0580 pivot level and the 55 simple moving average (4-hours).
It opened the doors for more losses and the price even traded below the $0.0550 support level. Finally, it spiked below the $0.0520 level and a new weekly low is formed near the $0.0516 level.
The price is currently consolidating losses and trading above the $0.0520 level. An initial resistance on the upside is near the $0.0541 level. It coincides with the 23.6% Fibonacci retracement level of the downward move from the $0.0621 high to $0.0516 low.
The first major resistance is seen near the $0.0550 and $0.0560 levels. Besides, the 50% Fibonacci retracement level of the downward move from the $0.0621 high to $0.0516 low is also near the $0.0569 level to act as a hurdle.
More importantly, there is a major bearish trend line forming with resistance near $0.0580 on the 4-hours chart. Therefore, upsides are likely to remain capped in cardano price near the $0.0560 and $0.0580 levels.
To start a fresh increase, the bulls need to break the $0.0580 area and then gain pace above the $0.0600 level. If not, there is a risk of more downsides below $0.0520 and $0.0510.
The main support is near the $0.0500 level, below which the price is likely to tumble below the $0.0480 and $0.0475 levels in the near term.
The chart indicates that ADA price is clearly back in a bearish zone below the $0.0550 level. There could be a minor correction, but as long as the price is below $0.0580, it could continue to move down.
4 hours MACD – The MACD for ADA/USD is currently gaining momentum in the bearish zone.
4 hours RSI – The RSI for ADA/USD is now well below the 40 level.
Key Support Levels – $0.0510 and $0.0500.
Key Resistance Levels – $0.0560 and $0.0580.
Cardano (ADA) Gets Nearer to Shelley Now That Hard Fork Arrives, Here’s How
Now that Cardano has conducted the hard fork, it has taken a major move towards implementing Shelley – here’s why the fork is crucial for it .
A couple of days earlier, on February 20, Cardano succeeded in implementing a hard fork called Ouroboros BFT. The network now runs on a better consensus mechanism. What is more, this is a big step towards implementing Shelley on the network. A recent blog post published on Medium explains why.
When Cardano spread the word about the hard fork launch on Twitter three days ago, it said that this upgrade was to “pave the way for the Shelley mainnet release.”
So far, the mainnet uses Ouroboros ‘Classic’ – this a PoS consensus protocol. Although, Cardano users cannot vote for validators and choose those themselves.
Once Shelley arrives, the situation will change and these restrictions will be removed – users will get a chance to elect validators by staking their ADA tokens. Shelley will be launched in two steps so as the network remains intact, without any interruptions.
Initially, Shelley was planned to launch back in late 2019. But the team face several major setbacks and had to handle those. Now, the exact date of the release is vague so far but there is information that Shelley will be launched at some point in Q1 this year.