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Cardano ADA Prices Bullish Amidst A Bearish Market

16 january 2019, 09:57 by John Kiguru

Cardano ADA Prices Bullish Amidst A Bearish Market

The market has in the last couple of hours been bearish, a state accredited to the delay of the highly anticipated Ethereum Constantinople hard fork. Although the network update was providing enough momentum to push Ethereum and the wider market bullish, its cancellation has seen the market turn red. Cardano ADA has however not been shaken by this news. The coin is soaring high and performing exceptionally well.

At the time of press, Cardano is up by 3% and trading for a little over $0.044. This performance is by far the best among the top 20 coins on the market. Majority of coins are recording marginal losses, with the highest loser in the top 20 being Ethereum- down by 3%.

Cardano’s performance is expected to get even better early on in the year with the network scheduled to move from its current Byron phase to Shelley phase. This phase will see the network become fully decentralized

In addition to this move, the network has received another major boost following Cardano’s sidechain paper being accepted on the Oakland cybersecurity conference. The conference is expected to see Cardano expand on its exposure and attract more users.

Cardano has set an all-time high of $0.054 this year, however since the bulls set this resistance position, a number of successive drops have seen it set a year low of $0.040. With a price correction playing a part right now, their next realistic target will be $0.047, since $0.045 is already in sight.

With last year an exception in regards of prices, over the years the Cardano project has received great adoption which has seen its prices soar. This year is expected not to be any different. This year should see the project broaden its wings and capture more users, in turn, seeing prices steadily rise. According to Charles Hoskinson, founder of the project, this year will see Cardano tackle scalability, sustainability, and interoperability.

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