Cardano is a network with so much potential and so little market support. But its struggle to sustain its market position is certainly something for respect. During the previous week, the price of ADA was supported by the announcement of Cardano`s EVM company Milkomeda of forthcoming network`s upgrade, by which, all users of the Cardano network will be able to access smart contracts on Ethereum virtual Machine, through ADA wallets. This is a significant improvement, which pushed the price of ADA again toward the $0.40 resistance line, from $0.35 support line. However, there has not been enough buying orders to push the price above the resistance level, so the price of ADA is finishing the week with prevailing selling orders around $0.39 level.
RSI continues to move above level of 50, which means that the market is still eyeing the overbought side. This might support the price of ADA further. Moving averages of 50 and 200 days are still in the gray zone, without a clear sign whether the Golden cross is coming or not.
The positive sentiment around ADA and the upgrade of Cardano's network still holds. This is positive for the coin, regardless of the negative impact on the price coming from generally higher market uncertainty. As per current charts, it might be expected for the price of the coin to revert a bit to the downside, at least to the level of $0.35 support line. On the opposite side, there is equal probability for $0.40 resistance to be tested for one more time.
RSI continues to move above level of 50, which means that the market is still eyeing the overbought side. This might support the price of ADA further. Moving averages of 50 and 200 days are still in the gray zone, without a clear sign whether the Golden cross is coming or not.
The positive sentiment around ADA and the upgrade of Cardano's network still holds. This is positive for the coin, regardless of the negative impact on the price coming from generally higher market uncertainty. As per current charts, it might be expected for the price of the coin to revert a bit to the downside, at least to the level of $0.35 support line. On the opposite side, there is equal probability for $0.40 resistance to be tested for one more time.
