Cardano Price Hits $0.04 Despite Weak Trading Volume
Whenever Bitcoin goes through positive momentum, the other markets usually follow suit in quick succession. There will always be exceptions to this unwritten rule, primarily because the altcoin/BTC ratio tends to get disrupted quite a bit. As far as the Cardano price is concerned, things are not looking all that bad right now. Solid improvements in USD and BTC value make for an appealing day of trading.
Cardano Price Shows Bullish Signs
Despite getting a lot of attention last year, it would appear Cardano hasn’t been talked about that much recently. That doesn’t mean the ecosystem isn’t evolving as a whole, but it would appear it is taking a back seat to other topics in the cryptocurrency world. With little to no positive price action to speak of, it is only normal traders and speculators look for profits elsewhere in quick succession.
Over the past few hours, however, things have come to a positive change. The Cardano price has risen by 11.6% in USD value, bringing the price to $0.041697. In terms of ADA/BTC, there is a 4.22% improvement as well. It is good to see altcoins move up in Bitcoin value as well, as that is not always a given under these kinds of circumstances. The 1,137 Satoshi level should hold true for some time to come, assuming nothing major happens to Bitcoin itself this weekend.
On the social media platforms, the discussions related to Cardano mostly focus on its current price momentum. Not surprising, as all cryptocurrency users have been starving for profits for nearly a full year now. CryptoDucky is convinced Cardano and Litecoin are the good buys for today. An odd sentiment, as both currencies seem to have hit their peak, for the time being. Chasing the top is never a smart idea in the crypto industry.
#ADA (Cardano) and #LTC good buy today
— CryptoDucky (@CryptoDuckyNr1) February 9, 2019
Raf Trading is looking at the current ADA momentum from a slightly different perspective. Although one ADA is now valued at over $0.04, it may not be sufficient to effectively turn this into a new support level. Raf would like to see Cardano push through to the $0.05 level, although it seems unlikely such a major jump will occur over the weekend. One never knows with these volatile markets, though.
#ADA 0.04$ #adausd Need break 0.05 $!! FOR THE WEEK ! #cardano #CryptoNews #forex #Markets #Investing #stocks #trading #ADSS Trading Support #TradingYourWay #Cryptocurrencies @ADSSGROUP #OREX #ECONOMY #FX #finance pic.twitter.com/B6o7SYwHgS
— Raf trading (@RafKadian) February 9, 2019
For those who want to chase some extra profits in the altcoin sector today, arbitrage opportunities are rather plentiful. As far as Cardano is concerned, there are a few interesting price gaps to look into. With potential profits ranging from 0.76% all the way up to 2.2%, there is a lot of good money waiting to be made over the weekend. Exploring any and all options will usually yield the best results in the cryptocurrency industry.
#ADA
Buy at #Paribu and sell at #Binance. Ratio: 2.20%
Buy at #Paribu and sell at #Kraken. Ratio: 0.76%
Buy at #Paribu and sell at #Gate.io. Ratio: 1.97%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC— Arbing Tool (@ArbingTool) February 9, 2019
When looking at the bigger picture, a potential problem becomes apparent right away. The current Cardano uptrend only materializes because of Bitcoin going through a bullish phase. When that momentum turns around again, it seems likely the ADA value will return to its previous level in pretty quick succession. At the same time, this may very well be the beginning of a new uptrend. The coming days will be quite telling in that regard.
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.
Image(s): Shutterstock.com
by JP Buntinx via The Merkle Hash