Today will prove to be a very interesting day for all cryptocurrencies. As most of the value declines are not gone just yet, we may see some impressive uptrends later today. It seems the Cardano price is heading in an interesting direction, thanks to the 19.96% gain over the past 24 hours. Sustaining any solid uptrend will prove to be very difficult for any cryptocurrency, though.
CARDANO PRICE EYES $0.2 TARGET
It has become evident all cryptocurrencies are trying to recover some of their lost momentum over the past few weeks. Doing so will take a lot of effort, though, as some currencies effectively lost nearly 40% in value just last weekend. This is a very bearish trend which cannot be turned around anytime soon. Even so, the current momentum seems to be a bit more positive, as the Cardano price shows there is plenty of room for growth.
More specifically, we are now looking at a Cardano price gain of nearly 20%. While that is impressive in its own regard, there is also an ADA/BTC ratio increase of 11.35% in favor of the altcoin. Such big gains are usually suspect to massive retraces sooner rather than later, though. As the cryptocurrency markets remain extremely volatile right now, it is unclear what the future will hold exactly.
Even so, this 19.96% Cardano price gain is pretty significant. It elevates the altcoin’s value back to $0.166, which is still a long way removed from the $1.22 all-time high. Until all markets can find a stable support level, such gains are completely out of the question. That doesn’t mean we won’t see some interesting short-term Cardano price gains over the next few days or weeks, though.
With $262m in 24-hour trading volume, it is safe to say the demand to buy and sell Cardano is legitimate. This volume is a lot higher compared to most other altcoins, even though it remains to be seen how long it takes until the momentum turns against ADA. As we have seen throughout all of 2018, positive trends do not last all that long in the world of cryptocurrency these days.
Upbit, Binance, and Bittrex are the three top exchange ranked by Cardano trading volume right now. With a Korean exchange generating over 65% of all trades, it is evident there is not that much demand from other parts of the world as of right now. It is evident South Korea continues to influence the cryptocurrency industry in many different ways. Whether or not this means the current Cardano price is a pump-and-dump cycle, remains to be seen.
It will be very interesting to see how all cryptocurrency markets evolve in the next few hours and days. Given the momentum we have seen throughout most of the year so far, these gains can be wiped out within a matter of hours. Whether or not things will improve from here on out, is impossible to predict. Cryptocurrency markets never make any sense, and the current volatility is only compounding this issue as we speak.