Cardano News And Price Analysis: Cardano (ADA) Slips By 1.31 Percent. Tuesday, August 7
Cardano Slips By 1.31 Percent
Cardano has continued to see losses as it descends the triangle pattern after being unable to hold at $0.13. The southward journey has taken the coin to the support level of $0.12 where it is holding up in the meantime. If the bears break below the mark this could result in further slide to $0.111 for the ADA/USD pair. This situation means that traders may not be willing to hold long positions at the moment.
However, with the pressure mounting on the bulls, it is possible that the coin could successfully bounce back to the $0.13.
Cardano ADA demand Soaring Amidst Wealth Concept of Founder
Coinbase recently revealed plans to add support for a number of coins. ADA the Cardano token is among the beneficiaries and the coin ranked at number 8 in the coin market based on capitalization is among investors’ favorite due to its low price and utility.
Charles Hoskinson, the Cardano creator is a co-founder of Ethereum and has taken the advantage of insider of the workings and failings of Ethereum to build a coin that has more advanced features, giving it an edge over many coins that precede it.
In a recent tweet, Hoskinson wrote,“What’s often missed by the cryptocurrency is going to die broken record media is that after the next wave of regulation, wall street is showing up to the party with all their locked up capital. That’s tens of trillions of dollars entering the space eventually. Future is bright.”
Analyst Predicting A Bounce Back for ADA
The interest ADA has generated among investors has spawned some wild speculations based mainly on its potentials. Cardano, the ADA network is known to have decentralized app building and smart contract features more advanced than that of Ethereum. Low priced, its potentials as an investment instrument has made some analysts predict that the coin would be worth up to $10 in a couple of years.
ADA/USD Price Chart, Tuesday August 7th:
Follow TokenTops on Twitter to stay notified about new articles, cryptocurrency news, ICO announcements and price predictions and analysis.
Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. For further information visit Terms and Conditions section on TokenTops. We do not encourage our readers to any kind of financial decisions. Neither tokentops.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from tokentops.com. We believe that everyone should make their own and in depth research on the particular topic in various sources before making any financial decision and this person should be the only one responsible for the outcome. Our writers do their best to remain unbiased and don't actively support any project. The research is done with various sources, the predictions are based on own believes, analytical skills, experts and community discussions and is intended to convey general information only.
You may also like
Cardano ADA Prices Bullish Amidst A Bearish Market
Cardano Prices Spike As The Wider Markets Rallies
Slow Weekend Sees Cardano Drop By 8%
Cardano Price: ADA Extends Weekend Gains, Up By 8%
Cardano Price: ADA -3%, What The Recent Market Dip Means For Cardano?
Cardano Price: ADA Soars As It Becomes The Base Currency Of New Exchange
You need to login to create comments.