Cardano Price Down 1.44% To $1.50 — What Will the Price Do Next?

1 month ago 36
PR Distribution

Cardano’s price has held above $1.50 over the past week, suggesting bears might yet weaken their grip to leave investors eyeing a fresh upside.

The price of Cardano is $1.53 as of writing, down by about 1.44%. The 24-hour trading volume stands at $2,070,921,575, up 7.68% as shown on CoinMarketCap.

Cardano’s price over the past 48 hours has held above a horizontal support line near $1.50. The steady action tracking an ascending trendline follows the crypto market crash in May, which also saw ADA’s price dramatically fall from $2.46 to $0.95.

However, as one of the most popular cryptocurrencies, Cardano has seen some encouraging buying action over the last two weeks. The resilience shown by the bulls has pushed ADA prices above key barriers at $1.16, $1.35, and $1.45, which has held since 13 June.

Where to buy Cardano?

eToro

eToro is a multi-asset investment platform with more than 2000 assets, including stocks, ETF’s, indices, commodities and Cryptoassets. eToro offers over 14 Cryptoassets to invest or invest in their CryptoPortfolio where investors can benefit from the accumulated growth of Bitcoin, Ethereum, XRP, Litecoin and other leading cryptocurrencies. eToro users can connect with, learn from, and copy or get copied by other users.

Register with eToro instantly

CAPEX

CAPEX.com is an awarded fintech brand, globally recognized for a strong presence in shaping the future of trading. The company focuses on making the markets more accessible & transforming the way people trade online.

Register with CAPEX instantly

Why Cardano price looks positive

Top trader and crypto analyst Michael Van de Poppe has predicted that top altcoins might jump 10X, saying in a tweet that “When everything is down 50%, it’s time to invest.”

Top #Altcoins to go 10X.

Yes, when everything is down 50%, it's time to invest.

Check them out here:https://t.co/5mYPUJYhU6

Two tips;$ORN & $SXP.

Enjoy and don't forget to subscribe!

— Michaël van de Poppe (@CryptoMichNL) June 17, 2021

According to founder Charles Hoskinson, Cardano represents a better choice if Tesla wants a digital asset that ticks boxes such as “sustainability, carbon reduction, and carbon neutrality.” If Tesla did turn to ADA it would be huge news for the project.

A look at Cardano (ADA) price charts shows that it has ranged at $1.33-$1.90 since breaking the downtrend on 21 May. The rebound towards $2.00 failed to hold as bears rejected advances at the 20-day EMA near $1.71. The price is currently trailing the 20 EMA curve at $1.52, about 38% down since the all-time high of $2.46.

Bulls will likely continue to struggle here, but a technical flip is possible given the positive divergence suggested by the RSI and MACD on the 4-hour chart.

Either way, Cardano at $1.50, or even lower, looks like a relative bargain compared to other major coins, such as Bitcoin.

Read Entire Article