Cardano price built up on its newfound momentum to stay on the upward trajectory for the third day in a row on Tuesday. ADA price hit an intraday high of $0.421 before easing to trade at $0.414, having gained 2.7 percent at the time of writing. Ten days ago, ADA hit YTD lows of 0.356, meaning that it has risen by 16 percent since then. That said, the cryptocurrency still trades below its 50,100 and 200 daily moving averages, signifying and underlying bearishness.
A return above the $0.50 mark will be a significant psychological boost, but could take a few more days to achieve based on the current momentum. Cardano is the second-best performing cryptocurrency among the top-ten ranked in the last week, with its 4.8 percent gain only trailing Solana’s 7.1 percent, according to analytics site, CoinMarketCap. That underlines the struggle in the wider crypto market, which could translate in weaker buying momentum across the board. Nonetheless, Cardano is counting on its Chang Hard Fork to create enough buzz to return the token to the upside.
The Chang Hard Fork has been touted as the solution to the trilemma of security, decentralization, and scalability that has been a key limiter of blockchain technology expansion. Elsewhere, PostFinance, one of the largest financial institution s in Switzerland and announced on Monday the inclusion of ADA in its crypto custody and trading support portfolio. This is a pivotal moment for crypto as it points to increasing integration into the mainstream financial system.
ADA price momentum shows that the buyers are currently in control. The upside will likely continue if the price action stays above 0.410, but will likely encounter the first resistance at 0.416. However, extended control by the buyers could break the resistance and move the price further up to test 0.421. Conversely, moving below 0.410 will favour the sellers to take control, and the downside will likely find the first support at 0.407. A break below that mark will invalidate the upside narrative, and could strengthen the downward momentum to test 0.400 in extension.
This post was last modified on Jul 02, 2024, 16:35 BST 16:35