Cardano Bottoms Out at Key Support – Faster Recovery on the Way?: We’ve been keeping an eye on Cardano Foundation and its token, ADA, for quite a while now, anticipating its market cap growth and potentially becoming the third largest cryptocurrency by the end of the year.
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However, ADA/USD had its fair share of losses as the cryptocurrency market as a whole continued its bearish movement in the past couple of months. Now that the market seems to be recovering, Cardano’s recovery appears to be somewhat faster than others.
On Wednesday, Cardano saw the biggest gains among the top 10 cryptocurrencies, ending the day up over 9%. However, Cardano has been dumped to the sixth largest cryptocurrency from its previous fifth position, trailing behind Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin.
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On Wednesday morning, Cardano Foundation sponsored Long Finance’s Distributed Futures, helping them launch their latest report, “Liquidity Or Leakage – Plumbing Problems With Cryptocurrencies” according to Cardano Foundation’s Twitter account. Cardano is pitched as the third generation cryptocurrency and is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach.
ADA’s price action versus the USD remains the same as other cryptos, bottoming out at a key support level.
