As all cryptocurrency markets try to recover, the coming few hours and days may prove to be interesting. The Cardano price is currently subject to some interesting changes. Although it is still early to speak of a genuine bull trend, the current gains come at a most welcome time. It is now a matter of sustaining this increase for more than a few hours on end.
Cardano Uptrend Sparks Excitement
After what appears to be yet another bearish week for all cryptocurrencies, this new wave of positive momentum is more than welcome. Although there is still a lot of resistance across the markets, any small gain is better than another loss. In the case of Cardano, the current gains are piling up pretty quickly, although no major changes are taking place just yet. Even so, one cannot deny this current development has some initial promise.
Over the past 24 hours, there has been a solid 3% increase in ADA/USD and ADA/BTC alike. Especially this latter part is quite important. For all altcoins and assets on the market today, noting gains over Bitcoin becomes paramount. As such, these assets will also note some gains in USD value, which is what keeps most investors and speculators happy at this time.
On social media, it would appear there are some interesting developments taking place. The latest Cardano AMA is quite interesting to watch. Although these frequent updates might not amount to much for most people, it is pertinent to keep the community updated at all times. It also shows the ecosystem is still under active development.
— NOBORDER (@NBD_Akihito) January 16, 2019
It would also appear the Cardano team is making its presence known in Switzerland. A major event is taking place in St. Moritz and representing Cardano is a great way of getting more people acquainted with the project as a whole. Whether or not this will lead to the $10 value ADA Jesus Doyoon papa hopes for, remains to be seen. There is still a long road ahead prior to ADA coming even close to reaching that threshold.
Go #ada 10$!!! Big bang !!
— ADA jesus DOYOON papa (@baek_jongwoo) January 16, 2019
When looking at the ADA/USD price chart, some interesting momentum appears to be brewing. Although there was a near 6% gain earlier today, it seems some of that momentum has already evaporated. Even so, there is still a chance the upward momentum will resume later today, as long as the key support levels can sustain it. Only time will tell if that is indeed the case, at least on the Binance exchange.
#ADA / USD is really going good at this moment, near 6% gain in 13 hours. Find update in attached chart.
[16-Jan-2019 8:00 AM ET. ADA/USD Binance (USD price from TadingView) ] pic.twitter.com/caiILtl0HI
— Mihir Naik (@MihirNaik19) January 16, 2019
When taking all of the Cardano market factors into consideration, this minor uptrend is a positive development. Granted, there is lots of room for wild price swings in either direction. Any small gain is precious these days, yet it all comes down to ensuring the profits remain in place. That will be a daunting challenge with just over $34m in trading volume. Even so, Cardano seems to be in a good place right now, especially under the current overall market circumstances.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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