Cardano Price Analysis: Cardano (ADA) Is Trying To Make A Descent Upward Move

Fibo Quantum

The condition of the crypto market sphere has attained no significant improvement until now. This is the reason why investors still cannot have hope regarding good returns even if they start investing in potential altcoin like Cardano. The coin is highly unstable and is also possessing great liquidity. Despite having potentials, ADA coin is remaining succumbed to tumble down at any time. Until this intense volatility subsides, maximum projects of majority altcoins are expected to crumble down.

Current Statistics of Cardano:

  • Price in BTC: 0.00000484 BTC
  • Price in USD: 0.050338 USD
  • Circulating supply: 25,927,070,538 ADA
  • Market Cap: 1,304,633,057 USD
  • 30 Day High / Low: 0.064214 USD / 0.044860 USD

ADA/USD comparison & Future Forecast:

Cardano Price Prediction
Cardano Price Chart by TradingView

From the above 5-day ADA price chart, it is understandable that Cardano has a higher propensity to decline down rapidly than to rise. From the evening of 14th August till yesterday evening, ADA coin had traded continuously below the baseline even with marginal intermediate bullish peep-ups. This is making it evident that Cardano has high liquidity, and its momentum is also very unstable. As it is declining down sharply, it lacks effective support levels, which can give it a push in its price hike. Moreover, it has just started rising up, so, no effective support levels are tangible at the current moment. Within a span of 5-days, Cardano price has increased by 8.12%. Considering past data and analysis, we assume that in the upcoming days, ADA coin can trade around its next resistance level of $0.052278.

Conclusion:

Cardano price is highly volatile as of now. Moreover, the depressing market condition is not expected to improve before the end of this year. So, investors & traders should not consider investing in the coin as of now, and they must wait for the right time until the volatility subsides to a great extent.