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Cardano Price struggling to break free from $0.08540 resistance

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Cardano price action is showing bullish signs on its 24-hour chart beyond the $0.0840 support level. The altcoin kicked off 2020 from a $0.0336 low and clung to a steady increase. This is unlike most altcoins which began the year from all time highs, only to fall back following the impact of Covid-19. Analysts are contemplating on what Cardano(ADA) price pattern will be in the next few days. 

The past three months have witnessed significant growth for the coin after rising from an yearly low of $0.0237. Nonetheless, the price action since mid-march has been on an uptrend towards the $0.080 support level. 

Cardano (ADA) Price
Meanwhile, ADA closed the 24-hour price chart at  $0.08489 low and $0.08654 high.  Unfortunately, the coin broke away from its high with a sharp decline below the $0.08540 support to a price point of $0.08533.

Since then, the chart has been struggling to break free from the 0.085400 resistance level. However, the coin is showing positive signs of a come back on the 24-hour price chart and currently stands at $0.085402.

Cardano (ADA)  price chart

All analysts can hope for on the ADA price chart, is for the coin to show clear signs of its next move. An indication that has been difficult to point out for the coin. 

Ahead of rolling out the plans for the  9th June Shelley upgrade, Cardano’s social engagement metrics surged to fresh levels. 

Cardano Price struggling to break free from $0.08540 resistance 1 Source: LunarCRUSH

A metric that signified the amount of speculation surrounding the hard fork. Well, its predictable that the price of Cardano could rise based on the basis of  “Buy the rumor, sell the news” event. 

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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