Following the recovery of Bitcoin and the cryptocurrency market in general, Cardano (ADA) has successfully broken the important psychological resistance and according to analysts, ADA coin may be poised for a major recovery rally.
According to the daily chart, ADA coin is showing signs of “bottom out” as indicators like the Relative Strength Index show a divergence on the chart. According to U.Today’s Arman Shirinyan, after breaking $0.5, Cardano’s next target will be around $0.6 as there is a previous reversal point.
The previously mentioned resistance point is also associated with the local descending trend line moving around $0.61 on the chart. To break the resistance, ADA will need massive bullish support as ADA is unable to get the required buying volume. In intraday charts such as the four-hour and in the cryptocurrency market, we can clearly see the bottoming rounding following the extreme volatility and trading volume decline. Experts previously expected at least a short-term return in altcoins after about eight or nine weeks of selling.
Earlier, U.Today reported that the Cardano ecosystem has achieved a core solution that will help bring large sums of funds to the network. The launch of an Iagon bridge allows the Ethereum-based USDC stablecoin to be sent to the Milkomeda decentralized platform, followed by the withdrawal of Cardano Native Asset.
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