- 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
Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?

Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players

US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.
Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns

The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.
Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?

BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC).
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?

Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.