The ADA token of the Cardano network has again entered the TOP 10 of the crypto market, taking the place of Bitcoin SV. Is it here to stay?
The Cardano token has taken advantage of a recovery of more than 46% to get back into the TOP 10 of the crypto market. In the last 24 hours, ADA has shown slight losses of 0.59%, obtaining a price of $0.1087 at the time of this writing.
Cardano roadmap update reveals important developments
Recently the team behind Cardano revealed the latest update of the roadmap, which includes progress made, such as the progress of the Daedalus and Adrestia portfolio, smart contracts and clearing the way for decentralisation.
As new advances, the Daedalus update towards a 2.4.0 version is included, which will bring improvements for the access to details on the saturation of a delegation group, details of potential rewards in the tooltip, improvement of the portfolio ranking, more intuitive design and improvements in the table view.
To this we must add the work that they are doing to integrate Daedalus with the Trezor and Ledger portfolio. They are currently in the last stage, called test and revision.
As for Adrestia, the development has been focused on Bitcoin Circuit, in order to add support to different portfolios and assets. They have also worked on adding support to the delegation for the portfolio hardware and in the Cardano – Rosetta association.
Catalyst, as the latest version of Cardano, has also seen good progress. This last era aims to decentralise, contribute and democratise the chain.
As part of this update of the roadmap, we are talking about the work that is being done to develop voting register scripts. In addition, work was done on the Bitte deployment tool for Fund2 voting.
It is a long list of improvements that have been pointed out in this roadmap, but it would make this article too long and complicated to review all these technical aspects of the chain. If you would like to see the full document, please visit this link.
For now, let’s see how Cardano’s price has behaved over the last few days, in order to try to forecast its near future.
Technical analysis of Cardano’s price
In the weekly time frame of the ADA vs. USD chart, we see a tendency towards bearish behavior, but without too much force.
After the price fell towards a neighbouring demand zone at $0.07, the bulls quickly appeared, and left a bullish candlestick with strong rejection of low prices.
Today the 8-week EMA and 18-week SMA moving averages are crossed downwards, acting as dynamic resistances.
Although there was some indication of a medium term downward trend, even bears are not showing enough strength. It is quite likely that we will soon see an effective transition of command, which is already being seen in smaller time frames.
With the overall picture of the crypto ecosystem, with its all-encompassing positivism, it is likely that the previous annual high of around $0.1700 will soon be sought. Above that, the next target is $0.2259.
Cardano should remain in the TOP 10, at least in the short term
From the daily chart we observe a clearer bullish behavior, composed of continuous highs and lows breaking resistance.
The 8-day EMA and 18-day SMA moving averages are crossing upwards and functioning as dynamic supports, supporting the medium-term uptrend.
The 200-day SMA is also bullish at the moment, supporting Cardano’s strong gains in recent months, which led her to fight for a spot in the TOP 10.
If this behaviour continues, the resistance at $0.1244 will be reached and broken in the next few days, which will leave the ground clear towards a first target at $0.1500, and then look for the previous annual high around $0.1700.
Bearing in mind that the medium term trend should seek a new high, perhaps that annual high will not be a problem for the bulls.