Cardano price analysis 20 September: ADA token scores modest gains in early trading
Cardano jumps up, while other coins remain flat or fall.
- Cardano's price has been see-sawing but remains up in early trade.
- Trading volumes are up around 16% over the past 24 hours.
- ADA and XRP are the only two top ten cryptocurrencies by market cap showing gains this morning.
The coin, like many others, saw a spike in value during trading yesterday, rising from US$0.068 to US$0.074. Overnight ADA slipped back down to its previous price of US$0.068 but regained some losses this morning.
Despite the positive sentiment, the token's price remains significantly lower than its monthly high of US$0.108, recorded on the first day of September.
In January 2018, ADA hit a peak value of US$1.320.
At the time of writing, ADA was valued at US$0.070.
24-hour trading volumes have jumped up (16%) from US$67 million yesterday to US$78 million today.
Ethereum World News reports that the ADA/USD trading pair made it above the major $0.0720 mark, signalling that a correction could be on its way. However, it's possible that $0.0720 could hold ground as a strong support.
Crypto Daily UK analysts suggest that Cardano finally touched the bottom of the pitchfork formation it has been trading in. Cardano has reached rock bottom against bitcoin and is seemingly set for an "explosive rise".
In related news, the United Kingdom's Financial Conduct Authority (FCA) declared that bitcoin and crypto-assets are ill-suited to retail investors, and investors in these assets should be prepared to lose all their money.
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