It is noteworthy that the price action is in an uptrend as Cardano (ADA) climbs above the 50-week moving average.
The decentralized smart contracts platform Cardano has left behind a quarter full of ecosystem improvements. The popular project also spent a lot of time on its stablecoin, which will take place in its ecosystem. Amid all the Cardano developments, the ADA price appeared to have risen above the 50-week average.
On the ADA side, where whale activities are also buying, it was a matter of curiosity whether the price action would reach the $1 level.
Cardano Moves, Tests ADA Resistance Levels
Drawing attention with its ecosystem developments, Cardano is on the agenda with the price activity on the ADA side.
The ADA price spiked after Cardano launched Aiken to simplify the development of smart contracts on its network. ADA managed to hit the highest level in the last 24 hours, reaching the level of $ 0.44 today.
On the ADA side, the daily chart action gives a strong bullish signal while the RSI is trading above 70. This shows that ADA is strong on the buyer side. As a result, ADA is moving in the ascending channel.
Analysis by CoinGape suggests that ADA price could rally 40 percent due to a break of the $0.428 resistance and an inverse head and shoulders pattern. This rise could allow ADA to settle around $0.60.
When examined from a long-term perspective, ADA, which continues its ecosystem developments, is thought to have a potential of 1 dollar if it stays in the trend.
Key resistance levels for ADA are $0.50, $0.80 and $0.975. Exceeding these levels may bring the $1 level for ADA. On the other hand, ADA is holding $0.40, which is a strong buyer zone at support levels. This support level needs to be maintained for the trend. ADA’s major support is located around $0.30.
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