Cardano network’s ADA token has joined the TOP 10 of the crypto market again, taking the place of Bitcoin SV. Despite ADA’s bearish behavior, bulls strongly reject low prices, which might lead to previous annual highs.
Taking advantage of a recovery of more than 46%, the Cardano token has achieved a position in the TOP 10 of the crypto market once again. In just 24 hours, ADA showed slight losses of 0.59%, obtaining a price of USD 0.1087 at the time of writing this article.
The team behind Cardano recently revealed the latest update to its roadmap. It includes the progress of the Daedalus and Adrestia wallet, smart contracts, and the clearing of the path towards decentralization.
Among the new advancements is the update of Daedalus towards a 2.4.0 version. It will improve access to details about the saturation of a delegation group and potential rewards in the tooltip. Besides, it will bring improvement to the wallet ranking, provide a more intuitive design, and a better table view.
Concerning Adrestia, the development has focused on Catalyst to add support to different wallets and assets. They have also sought to add delegation support for the wallet hardware and the Cardano-Rosetta partnership.
Catalyst, the latest version of Cardano, has also seen good progress. This last era aims to decentralize, contribute to and democratize the chain.
Concerning this update of the roadmap, there is talk about the work in favor of the development of voter registration scripts. Also, the developers worked on Bitte’s deployment tool for the Fund2 vote.
The number of improvements that this roadmap has indicated is large. However, reviewing all these technical aspects of the chain would be too difficult and would take too long.
Technical Analysis on Price of Cardano
The ADA vs USD chart shows a behavior that tends to be bearish, but without too much force. The price fell into a demand zone close to USD 0.07, which led the bulls to quickly appear. Then, they left a bullish candlestick with a strong rejection of low prices.
Even though there were signs of a downtrend in the medium term, the bears are still not showing enough strength. There might be an effective command transition, a scenario that it is already possible to observe in shorter time frames.
The general picture of the crypto ecosystem shows a kind of positivism that floods everything. This could lead to seeking the previous annual high, close to USD 0.1700. The next target is above USD 0.2259.
Cardano Should Stay in the TOP 10
It is possible to observe a clearer bullish behavior, consisting of continuous highs and increasingly high lows, breaking resistance.
Exponential moving averages (EMA) of 8 and simple moving averages (SMA) of 18 crossed upwards. Besides, they work as dynamic supports for the upward trend in the medium term.
The 200-day SMA is also currently bullish, supporting Cardano’s strong gains in recent months and those that led it to struggle for a position in the TOP 10.
This behavior will lead to reaching and exceeding the resistance at USD 0.1244 in the next few days. This will leave the ground free for a first objective at USD 0.1500, to then seek the previous annual high close to USD 0.1700.
Given that the medium-term trend should seek a new high, that annual high may not be a problem for bulls.
By Alexander Salazar