The competition between the 10th to the 12th ranked position by market cap value is quickly heating up as the margin between joining the top 10 continues to shrink. At the time of writing, Cardano currently sits $238 million away from claiming Stellar’s 10th-ranked position and entering the top 10 ranked projects.
Source: CoinMarketCap
In this article, we will take a look at the potential for Cardano to break into the top 10 projects by the end of June 2019. To enter the top 10 projects, Cardano will need to increase by a total of 16% from its current price to reach the $0.095 price level. If Cardano can reach $0.095, that will give it a market cap value of $2.46 billion to place it comfortably in 10th position. However, we believe Cardano can travel much further than $0.095 in June and could possibly reach $0.1.
Cardano may have seen a sharp -8.5% price fall over the past 7 trading days, dropping the current price into the $0.0830 level, but the cryptocurrency has still increased by a total of 22% over the past 30 days with a further 93% price explosion over the past 3 trading months.
Let us continue to take a look at the ADA/USD market and highlight some potential areas of resistance that Cardano may test during June 2019.
Cardano Price Analysis
ADA/USD – MEDIUM TERM – DAILY CHART
What Has Been Going On?
Analyzing the daily ADA/USD chart above, we can see that Cardano struggled to make much further movement above the $0.095 level during both April and May 2019, which suggests this area will provide strong resistance moving forward.
We can see that during the recent price drops, Cardano has managed to remain resilient and has rebounded from support around the $0.08 level. The Cardano market is still considered to be bullish until price action breaks beneath the $0.06 support level.
Where Is the Resistance Above the Market?
If the buyers regroup and start to push ADA higher, we can expect immediate resistance above the market to be located at $0.086 and $0.09. Above $0.09, further higher resistance is then located at the bearish .382 Fibonacci Retracement level (drawn in red), priced at $0.09185 and measured from the July 2018 high to the December 2018 low.
Above this, further resistance is then located at the 1.618 Fibonacci Extension level (drawn in blue), priced at $0.09389. If the buyers can clear this level of resistance, they will be clear to make an attempt at the $0.095 target level and hopefully enter the top 10 ranked projects.
Above $0.095, the next level of serious resistance lies at $0.1. If the bulls can continue above $0.1, further higher resistance is located at $0.107 and then at the bearish .5 Fibonacci Retracement level (drawn in red), priced at $0.1120.
Conclusion
The competition to break into the top 10 is very tight. By the end of June 2019, either Stellar, Tron, or Cardano could have claimed that coveted #10 ranked position. However, Cardano is in a very strong position to be able to snatch the 10th place, as the market has reached strong support and is primed for a rebound.
Cardano could rise past the $0.095 target level during June 2019, which could easily put its market cap in the top 10.
