Cardano Is Nearly Ending As It Forms Strong Bears In The Market

Cardano’s recovery that happened last week has since stopped. At $2.058, it is slightly above its low of $1.86. Its total market cap surged and reached about $65 billion. Cardano price is up 0.39% in the last 24 hours. Charles Hoskinson is the creator of Cardano, a blockchain project that aims to solve some of the most challenging problems faced by companies and institutions globally. Due to the developers’ transition to this technology, the Cardano price went up to an all-time high. However, since the user adoption rate remained low, the price has struggled.

The coin has been in a tight range for the past couple of weeks. It has managed to find strong support at $1.8772 and is currently below the 50% Fibonacci retracement level. Following last week’s false breakout, the coin is expected to remain in a tight range this month. A breakout will most likely occur if the price manages to push above the key resistance level at $2.50. Cardano is a decentralized platform that aims to allow complex transactions to be conducted in a secure and scalable manner. It is built on the Ethereum blockchain and is powered by the Haskell programming language.