Cardano Slow and Steady to Win the Race – Shelly and Goguen Might Be Launched at the Same Time

By dan saada November 25, 2019 Off

Cardano is completely bearish.  The ADA token has recorded a fresh 90-day low.  Over the past 24 hours, the price went down by over 10%.  The token has been trading at $0.033, providing for a new 90-day low.

The Bitcoin is trading below $7,000, and this has influenced the rest of the tokens in the cryptocurrency market.  Even major Altcoins like the Ethereum, Litecoin, and XRP have seen a major decline in their price trends.

The ADA/USD price has been closely monitored over the past six months.  It has been observed that the coin has been moving towards a continual downtrend.  After the June rally, the price went up to as high as $0.0106.  Ever since then, analysts have been warning of a downtrend.  At present, the currently has touched the lowest price point in the time frame.  The Cardano started with a price correction at $0.0355 during the previous month, and it was not able to hold on to the correction spree, and the price plunged.

The bearish outlook of the ADA was also evident from the one-month trading picture.  The Elliot waves have been showing waves for the past 300 days.  The highest price for the current time frame has been at $0.0450.  The price is correcting downwards while recording the lowest.  There is no grounded support for the current price.  The market is volatile and dense, and it is holding on to inactive supports.  The ADA has been trading at $0.038 during the past 24 hours, and the price is consolidating at $0.033, eventually recording a 13% fall.  The moving average for 9-days is still around at $0.035, and the price holds a 5% difference versus the trending and former price.

The support likes are utterly inactive.  The moving averages of all major cryptocurrencies are trending at $0.0351, $0.0372, and $0.0401, respectively.  The MACD for Cardano is below zero, and the trend is bearish.  The RSI also confirms super bearishness; the trend is at 27.02 below the 30 range in the oversold region with the selling pressure.

Meanwhile, in terms of their project development, Cardano is unstoppable.  Charles Hoskinson stated that the balance check for the Cardano Shelley test net was overwhelmingly successful.  The Cardano project is slow and steady and is focused on learning through trial and error.  The project has been facing some issues during the check, but the company has still managed to achieve a lot.

Of all the ambitious plans, the upcoming Cardano Work Shop on December 02 is the 2020 roadmap. Hoskinson stated that Shelly and Goguen might be launched at the same time. He said, “We’re fairly optimistic that those things aren’t far apart from each other.”