- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top 5 tokens trending alongside Bitcoin: ORDI, STX, LUNC, PEPE, CFX
Bitcoin price crossed the $41,400 level early on Tuesday. The largest cryptocurrency by market capitalization extended its gains and continued its rally, after yielding 12% weekly gains for holders.
There is a 25% probability of Solana flipping Ethereum: Santiago Santos
In a recent episode of the Empire podcast, Santiago Santos, former Partner at ParaFi Capital, shares his views on how Solana’s market capitalization could exceed Ethereum’s in the next market cycle.
Ripple transaction count exceeds 1.38 million, XRP price likely to extend gains
Ripple (XRP) remains a talking point among retail market participants that expect a settlement in the US Securities and Exchange Commission’s (SEC) lawsuit against the cross-border payment remittance firm.
Bitcoin price eyes $45,000 target ahead of BTC halving in April 2024
Bitcoin price crossed the $41,400 mark on Binance, in its ongoing uptrend, on December 5. BTC price rally is likely driven by the anticipation of Spot Bitcoin ETF approval. There are more catalysts driving BTC price gains in the current cycle.
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.