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Cardano (ADA) Price Analysis—Trading Around $0.12 Before Continued Growth?

Will the Cardano (ADA) correction end soon?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Growth has come to an end as most coins are in the red zone. The top loser is Cardano (ADA), whose rate has declined by 6.73% since yesterday.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Total market capitalization has also gone down and currently stands at $270.6 bln.

Total market capitalization
Total market capitalization

The current Cardano data stack up this way:

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  • Name: Cardano

  • Ticker: ADA

  • Market Cap: $3,245,397,971

  • Price: $0.125174

  • Volume (24h): $450,445,768

  • Change (24h): -6.02%

The data are current at press time.

ADA/USD: Is the correction finished?

Cardano (ADA) could not withstand the bearish market mood, falling by around 6% over the previous 24 hours. However, over the past week, the altcoin has added 16.69%.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

Although Cardano (ADA) has not reached the local bottom, it might retest the resistance before a continued drop. In this regard, the rise may last until the altcoin reaches the $0.1260 mark.

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A possible price increase should be considered a bounce off but not the start of a bull run.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

On the 4H chart, the bearish mood is becoming more powerful as there is no bull resistance. The trading volume keeps declining, plunging its value further. What's more, the lines of the MACD indicator just turned red. All in all, the drop may continue to the closest support at $0.1190.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

On the daily time frame, growth is also unlikely to continue as trading volume keeps going down. The RSI indicator has almost left the overbought zone, having formed the bearish divergence. Last but not least, the lack of liquidity at current levels may push Cardano (ADA) to the mark of $0.1090 until the end of July 2020.

Cardano is trading at $0.1245 at press time.

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com