The current cryptocurrency market momentum seems rather promising, all things considered. For Cardano holders, it appears bigger changes might be on the horizon moving forward. The current ADA price looks rather healthy, primarily because there is a 5% increase in value over the past 24 hours. A noteworthy trend, although reaching $0.1 is still very far away.
Cardano Price Momentum Seems Promising
After a rough couple of weeks, the Cardano price might finally go through a big rebound in the near future. More specifically, this altcoin has, like all other cryptocurrencies, been battered into oblivion due to unrelenting bearish pressure. Recovering most of those losses will not happen overnight by any means, but it would appear things are starting to head in the right direction.
Over the past 24 hours, the ADA value has noted a healthy 5% nudge. This is not necessarily the big gain speculators and traders are looking for right now, although all good things come from small beginnings. Combined with the 3.5% increase in the ADA/BTC ratio, this may very well be the beginning of an extended uptrend affecting all of the major cryptocurrencies on the market today.
These are very interesting times for Cardano as a project. The community recently celebrated the main net anniversary, which saw a lot of social media buzz being generated regarding Cardano. Especially Asian holders and enthusiasts showed an initial interest in this event, which confirms Cardano has built up a strong following in that part of the world.
Thank you to everyone who celebrated the Cardano mainnet launch anniversary! We had 100's of responses on our hashtag campaign and Emurgo event in Asia! Read all about it on our Forum: https://t.co/iCyG4Rp4Go #CardanoMainnetAnniversary
— Cardano Community (@Cardano) October 8, 2018
It would appear the Edge team is looking to integrate the missing three top 30 cryptocurrencies on the market. To date, this popular cryptocurrency wallet – formerly known as Airbitz – lacks support for Cardano, Stellar, and EOS. Twitter users can vote on the coin of their choosing to be added, although it remains to be seen if this vote will yield any surprising results. So far, it seems ADA is in the lead, although Stellar is not too far behind.
— Edge (@EdgeWallet) October 7, 2018
On the technical side of the spectrum, things are coming together nicely for Cardano as well. CRYPTO FREAK indicates the momentum favors this altcoin, primarily because the support held according to plan. As such, it seems ADA might continue to rise for some time to come, depending on whether or not the altcoin can find stability near the current levels.
support held and price bounced, overall structure looking good.
-MACD ticking higher
-EMAs slowly going back on a bullish set up
Currently testing 200ema's resistance – success in breaking it and find support above it, price will head for next resistance target pic.twitter.com/0ClFY8kGr5
— CRYPTO FREAK 🌐 (@teddycleps) October 8, 2018
As is always the case in the cryptocurrency world, a lot will hinge on how the Bitcoin price evolves over the next few hours. So far, things look alright. For Cardano, its overall trading volume is still a bit low, although the numbers will likely increase over the coming hours and days. A positive trend is brewing, but only time will tell if it can weather the bearish storm successfully.