- Cardano (ADA) seems to be behind the rest of the crypto playing field as it is struggling to gain ground.
- At the moment, ADA is trading at $0.5194.
- ADA investors should consider adopting a scalper’s mentality.
Cardano (ADA) seems to be behind the rest of the crypto playing field as it is struggling to gain ground and other crypto are already beginning to recover from the June 13 sell-off. This could indicate that smart money’s interest in Cardano could be capped at just $0.68.
At the moment, Cardano ADA is trading at $0.5194, which means there is room for an increase of value of around 35% without invalidating the macro thesis.
Should ADA breach above $0.51, it could once again propel a spruce to its June 13 weekly high of $0.66. On the other hand, bears might also have ADA in their sights while hoping it falls below $0.41 to induce the very anticipated drop to $0.20.
ADA / USD 3h (Source: Coinbase (NASDAQ:COIN)).
It is because of this that ADA investors should consider adopting a scalper’s mentality. The $0.93 level still has to be reached in order to invalidate the bearish downtrend, but if bulls are able to break through this level, they might be able to recover all their losses and even send the price above $3.00.
This, in turn, would lead to a 550% increase from where the ADA price is currently at.
Cardano / TetherUS 1D (Source: TradingView).
According to CoinMarketCap, ADA is currently worth $0.5194 after a 3.84% increase in price. The crypto also saw a 17.21% increase in price over the last week.
ADA’s 24-hour trading volume is down 5.72% and is currently standing at $742,944,772.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.