- 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
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