Cardano ADA price: short term looks bullish as ADA climbs 11%

Cardano ADA price

Cardano has been performing exceptionally well. Riding the green wave to the top of the chart today, Cardano ADA price has seen gains of 11.43%. With the price trading above the $0.0650 level, analysts are bullish on the coin’s short term prospects. 

Cardano ADA price chart by Trading View

What’s in store for Cardano?

Over the last few days, the Cardano ADA price has been steadily climbing above $0.055. There was some hesitancy as the coin approached the key resistance level of $0.620. However, once it shattered that resistance, it continued its climb all the way to $0,0656, setting a new 2020 high. With the coin teasing the $0.0700 level, many are hopeful it has the momentum to push through. If it fails, however, the Cardano ADA price will likely find initial support at the $0.064 level. 

If the price were to sink lower than that, it’d most likely find support at around $0.620 and $0.610. And below that, the next major support line would be at $0.60. 

However, given the current state of the market, it seems more likely that Cardano ADA price will continue rising for the short term. There is further evidence to support this, with Cardano recently forming a golden cross. Long considered a key bullish indicator, the golden cross occurs when the short-term moving average crosses above a longer-term moving average.

Cardano founder Charles Hoskinson considers a stablecoin

Charles Hoskinson, founder of Cardano and CEO of IOHK, recently revealed on Twitter that he’s thinking about launching a stablecoin on the Cardano network. 

While there are still very few details, Hoskinson did share that having a Cardano stablecoin would add more liquidity for ADA. However, some have pointed out that the Cardano blockchain is still a long way from its completion, and that should remain Hoskinson’s main priority. Even still, many doubt the emergence of a Cardano stablecoin won’t be happening anytime soon, but if it did, it would face some stiff competition. 

Featured image by Pixabay

Richard Allen

Richard Allen

Richard specializes in writing about cryptocurrencies globally, as well as other financial and economic articles, covering various geographical locations and markets. He leverages his experience in financial issues management to advise clients on the relevance of media coverage in relevant markets. He holds a BCom degree in marketing.

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