Cardano’s Network Upgrade Boosts Activity, ADA Eyes Recovery Amidst Market Challenges
Cardano ( ADA ) has seen a notable uptick in network activity, with active addresses hitting a five-month peak. This surge is attributed to Cardano’s recent upgrade, which has improved engagement within the ecosystem. Despite this, ADA’s price remains under pressure, currently trading around $0.33 after a modest recovery of 2.7% over the past 24 hours. This follows a previous rise of 3.4%, marking consecutive gains after a two-week downward trend​( Invezz )​( The Currency analytics ).
Technical Analysis
Cardano’s price is still grappling with key resistance levels at $0.35 and $0.38. Breaking through these levels is crucial for ADA to shift into a bullish phase. On the downside, the support level at $0.30 is essential for maintaining stability; a breach here could lead to further declines towards $0.28 or lower. The Relative Strength Index (RSI) remains close to neutral, suggesting that while ADA isn’t yet bullish, momentum could shift if trading volume increases​( InsideBitcoins.com ).
Read More: https://onthenode.com/cryptocurrency/cardanos-network-upgrade-boosts-activity-ada-eyes-recovery-amidst-market-challenges
Cardano ( ADA ) has seen a notable uptick in network activity, with active addresses hitting a five-month peak. This surge is attributed to Cardano’s recent upgrade, which has improved engagement within the ecosystem. Despite this, ADA’s price remains under pressure, currently trading around $0.33 after a modest recovery of 2.7% over the past 24 hours. This follows a previous rise of 3.4%, marking consecutive gains after a two-week downward trend​( Invezz )​( The Currency analytics ).
Technical Analysis
Cardano’s price is still grappling with key resistance levels at $0.35 and $0.38. Breaking through these levels is crucial for ADA to shift into a bullish phase. On the downside, the support level at $0.30 is essential for maintaining stability; a breach here could lead to further declines towards $0.28 or lower. The Relative Strength Index (RSI) remains close to neutral, suggesting that while ADA isn’t yet bullish, momentum could shift if trading volume increases​( InsideBitcoins.com ).
Read More: https://onthenode.com/cryptocurrency/cardanos-network-upgrade-boosts-activity-ada-eyes-recovery-amidst-market-challenges
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