|

Cardano price analysis: ADA/USD is unstoppable above $0.35 ahead of K-EVM testnet on May 28

  • A second testnet called IELE VN is also in the works and will be released in the third quarter of this year.
  • The major support for ADA/USD is provided by the 38.2% Fibo.

Cardano price is showing positive sentiments on Wednesday as it corrects higher from trading lows of $0.32. The price recently briefly traded above $0.38, however, this was short-lived followed by lower corrections which were supported by the 23.6% Fibo. ADA/USD has maintained the ascending channel that was initiated in the first week of April.

Cardano has been catching the attention of investors and cryptocurrency enthusiasts although it is still a fare new altcoin. The project is scientifically driven while it has a team of researchers based at IOHK. Cardano smart contracts are some of the most advanced in the cryptocurrency industry while there are plans to advance them further to achieve one of the best if not the best scalability among digital assets. Later on this month, the community is expecting the release of a testnet that is referred to as K-EVM on May 28. Besides, a second testnet called IELE VN is also in the works and will be released in the third quarter of this year.

Cardano price analysis

The appetite for Cardano (ADA) is on the rise. Consequently, an upside breakout towards the coveted $0.5 is on the horizon. Similarly, there is a bullish momentum as observed on the 4-hour timeframe chart. At the moment, $0.36 is offering short-term resistance, although $0.38 is within reach during the intraday trading. A short-term support has been formed at $0.3500, but the major support is at the 38.2% Fib retracement level with the last swing high of $0.38 and a low of $0.12.

ADA/USD 4-hour chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Top 3 Price Prediction: BTC gains strength as ETH and XRP selling eases

Top three cryptocurrencies, Bitcoin, Ethereum, and Ripple, are holding steady on Wednesday after a bullish close the previous day. The mild recovery hints at an extended rally as the prevailing bearish pressure eases. Bitcoin trades at $82,930 on Wednesday, holding a bullish near-term bias following a mild rebound the previous day.

Ethereum staking hits record, but yield and fee revenue fall

Ethereum staking reached a record 43.8 million ETH in Q3 2026 amid a decline in annualized staking yields, according to crypto asset manager Bitwise. In its Q4 staking report on Tuesday, Bitwise stated that staked Ether accounted for 35.9% of the asset’s total supply by the end of the quarter. Net staking inflows reached 1.99 million ETH, marking the sixth straight quarter of growth.

 Bitcoin resumes Nasdaq correlation as macro pressures threaten $82,500 support

Bitcoin's correlation with the Nasdaq is rising again after last week's decline alongside tech stocks, even as macro pressures place the $82,500 support at risk. In a report on Tuesday, K33 Research highlighted that Bitcoin has resumed its correlation with the tech-heavy Nasdaq after last week's price movements.

 Bitcoin resumes Nasdaq correlation as macro pressures threaten $82,500 support
Bitcoin's (BTC) correlation with the Nasdaq is rising again after last week's decline alongside tech stocks, even as macro pressures place the $82,500 support at risk. In a report on Tuesday, K33 Research highlighted that Bitcoin has resumed its correlation with the tech-heavy Nasdaq after last week's price movements.
Bitcoin: Macroeconomic headwinds, cooling demand cap BTC gains
Bitcoin (BTC) extends losses this week, trading below $82,500 as of Friday as selling pressure continues. Weakening institutional demand supports this pullback as BTC spot Exchange-Traded Funds (ETFs) are on track to record a two-week withdrawal streak, reaching $146.19 million in net outflows through Thursday.