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Cardano Price After an Extended Bearish Trend Flashes Possibility of Closing May’s Trade Above $0.7

30 May, 20222 min readAltcoins
Cardano Price After an Extended Bearish Trend Flashes Possibility of Closing May’s Trade Above $0.7

Cardano price underwent a strong descending trend after being rejected from the crucial resistance zone between $0.9 and $0.95. Yet the asset tested the lowest levels a couple of times before it made a final parabolic move above $0.5 in the early trading hours. The path towards $0.7 requires the asset to test and clear another couple of barriers at $056 and $0.602.

The ADA price in the recent past is swinging in between 0 to 1 FIB levels at $0.6 and $0.4 respectively. The recent push ignited a parabolic recovery from the lows at $0.4 to reach the 0.61 FIB levels at $0.53. The asset is required to surpass these levels before the day’s close to head towards 0.78 FIB levels at $0.56. Once these levels are cleared, the path towards 1 FIB level above $0.6 may be imminent.

Cardano Blockchain Mints NFTs Worth More Than $5 million

In a recent update, the Cardano Blockchain has now minted nearly $5 million worth of NFTs with the number of native assets presently being 5,019,030 with 54,831 minting policies. The blockchain can natively generate, interact with these assets and also delete some custom tokens.

Over 5 million native assets minted on Cardano. — Jami | $thinkgrowcrypto (@thinkgrowcrypto) May 29, 2022

On the other hand, as per the data from Messari, Cardano has recorded the highest adjusted volume of transactions. And moreover, despite multiple criticisms from the crypto community, still ADA price remains strong within the top 10 indicating a huge strength in the fundamentals. And the upcoming Vasil hard fork is also expected to induce significant bullish momentum in the upcoming days.

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