Cardano (ADA) price struggling at $0.10 resistance despite ongoing election uncertainty

Cardano (ADA) price struggling at $0.10 resistance despite ongoing election uncertainty

Most of the major cryptocurrencies have advanced as the US presidential election continued to progress with a winner not yet officially announced. Joe Biden has a good shot at becoming the 46th President and Biden’s camp hopes they will cross the threshold of 270 today.

Fundamental analysis: Cardano price is supported after elections show no clear winner

The attention of investors is focused currently on the US presidential elections and the price of Cardano is also advancing despite ongoing election uncertainty. The US Presidential election remains tight, and according to the latest news, Biden is improving his position in Michigan and Wisconsin.

Cardano (ADA) price has advanced from $0.088 above $0.096 in less than 24 hours and the current price stands around $0.095. The main trend of this cryptocurrency remains neutral-bullish and Cardano (ADA) is eying to $0.10 as the uptrend continues.

It is also important to mention that the price of Cardano is correlated with the price of Bitcoin and investors in this cryptocurrency should also have Bitcoin on their “watch list”. Bitcoin has advanced again above $14000 and some analysts believe that BTC may start trading even higher in the upcoming days.

This is positive news for the price of Cardano and this month could be very significant for the future price of this cryptocurrency.

Cardano is an entirely open-source that represents identity, value and governance, all in one platform. Cardano has its own cryptocurrency known as ADA and according to analysts, this project could deliver more advanced features than any project previously developed.

The transaction volumes of this cryptocurrency are expected to increase and the customer base is expected to grow. Once this happens, the price of this cryptocurrency will be at much higher levels and Cardano (ADA) could be one of the best performers on the cryptocurrency market in the upcoming period.

Cardano is already connected with various payment programs but one of the factors to consider before deciding whether or not to buy this cryptocurrency is the competition that Cardano faces from other similar projects. Investors in Cardano should have in mind that this is a still very risky cryptocurrency but now could be a good time to trade Cardano (ADA).

Technical analysis: Bulls are focused on breaking the resistance level at $0.10

The main trend of this cryptocurrency remains neutral-bullish and Cardano (ADA) is eying to $0.10 as the uptrend continues.

Data source: tradingview.com

On this chart, I marked important resistance and support levels. The important support levels are $0.09 and $0.08, $0.10 and $0.12 represent the resistance levels. If the price jumps above $0.10 it would be a signal to buy Cardano (ADA) and we have the open way to $0.11.

Rising above $0.12 supports the continuation of the bullish trend for Cardano (ADA) and the next price target could be located around $0.15. On the other side, if the price falls below $0.09 it would be a “sell” signal and we have the open way to $0.080.

Summary

The cryptocurrency market is rising amid a huge uncertainty about the outcome of 2020 U.S. presidential elections. Joe Biden has a good shot at becoming the 46th President and Biden’s camp hopes they will cross the 270 threshold today. If the price jumps above $0.10 it would be a signal to buy Cardano (ADA) and we have the open way to $0.11.

The post Cardano (ADA) price struggling at $0.10 resistance despite ongoing election uncertainty appeared first on Invezz.

Publication date: 
11/05/2020 - 00:07
Author: 
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.