If you have been following our Cardano news, you probably know that the cryptocurrency has been caught within a consolidation phase alongside Bitcoin as well as many other major altcoins. However, even despite this consolidation, the ADA price analysis is strong and shows that fundamentals may lead the coin to growth in the long term.
The strong market structure formed by ADA in the past several months has still been unable to let the coin escape the lackluster market trend which has come about as a result of the Bitcoin position in the $9,000 region.
Another thing worth mentioning is the on-chain data – which now suggests that Cardano is being driven by strong fundamentals. In our ADA price analysis, we can see that the fundamentals are more than just investor hype. According to the analytics platform IntoTheBlock, the large transaction volume for the coin (transactions over $100,000) has been spiking as of lately, which also adds up to the strong fundamentals of the coin.
Now, analysts are explaining that they anticipate the cryptocurrency to start forming higher runs and go parabolic if buyers are able to shatter one key resistance level which has been forming over the past year.
The movement could also be bolstered by the strong underlying fundamentals which have been seeing notable growth in recent times. Currently, the ADA price analysis shows that Cardano’s token is trading down marginally but is still above the $0.080 level which is good.
Earlier this week, the intense influx of selling pressure forced the coin to go down and visit lows of $0.071. The dip to these levels was met with intense buying pressure which led it up to the current price region.
Despite the lackluster price action over the past few days, it is important to note that the mid-term strength is still remaining intact. Currently, ADA is trading up significantly in the cryptonews and is over the May lows of $0.05 and only down slightly from the recent highs of $0.088.
Choo choo. Priming up for the next leg. pic.twitter.com/890Lfsel6d
— Bagsy (@imBagsy) June 18, 2020
All of this shows that the coin is strong. Analysts covering the latest ADA price analysis are also forecasting imminent upside for Cardano mostly because the gains seen over the past 30 days led it up to a key resistance against Bitcoin (BTC).
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