Cardano (ADA) Bounces Back From The Red Zone, Will It Continue Minting Gains?
May 12 2023 - 11:40AM
NEWSBTC
Cardano is gaining slightly today as the bulls seek to rally out of
the bearish zone. Its trading volume is down by over 15%, but its
price has entered a consolidation phase. ADA is trading above its
7-day low of $0.3512, implying that a return to the 7-day high of
$0.3967 remains possible. ADA Price Prediction ADA is in a
sideways trend today, staying above its 200-day Simple Moving
Average (SMA) as the bulls seek to push it to an uptrend. Its price
action in the last three days shows that the bears and bulls are
even in the market. However, it is below the 50-day SMA, a
short-term bearish sentiment for the asset. Related Reading:
Cardano May Sink To This Level As Bears Keep Gaining Leverage Also,
the Relative Strength Index (RSI) is 40.70 in the neutral zone and
moving upwards. The RSI suggests that the bulls will likely reclaim
control of the asset’s price action in the coming days. ADA’s
Moving Average Convergence/Divergence (MACD) is below its signal
line and showing negative values. It is a bearish sentiment for the
asset, although the histogram bars are fading, hinting at a
possible recovery. ADA has found strong support at the
$0.3606 price level for some days, shielding it from dropping to
the next support level of $0.3453. Based on its historical
behavior, it will likely rally off this support level to break the
$0.3767 resistance and test the next resistance level of $0.3945.
Expect a positive trend soon if ADA rallies above the $0.3767
resistance. Trends On Cardano Network Cardano is a renowned
developers’ hub committed to innovative network developments and
trends that benefit its community. #Cardano's recent upgrades are
improving interoperability, scalability and sustainability, making
it an attractive blockchain for developers creating DApps. In this
blog, we look at the Valentine signature changes, dynamic P2P,
Hydra, and more.https://t.co/I0od7Czu38 — Input Output
(@InputOutputHK) May 8, 2023 The recent Hydra upgrade is one of the
trends that will likely improve its price performance moving
forward. According to the lead Cardano developers, Input
Output, Hydra is a family of protocols built to improve network
scalability. It functions as an off-chain mini-ledger for a
small community similar to the original on-chain ledger but
maximizes speed and is cost-efficient. Hydra uses smart contracts
to interact with its users, processing activities like bank
transfers, NFT auctions, and lightweight payments. Hydra Head
is scalable, and its applications can run off-chain relieving the
main chain of load and improving throughput. Also, its transactions
are faster than the main chain Cardano layer 1 (L1) transactions.
Related Reading: Does The Bitcoin Price Dump Signal The Start Of
Another Bear Market? Cardano has also launched the first
mainnet-compatible Hydra node, version 0.10.0, a Cardano developer,
Sebastian Nagel, revealed. He noted that the API was updated
to accommodate the first round of user requests. Nagel further
released a link to the Hydra Head Roadmap for the community.
Featured image from Pixabay and chart from Tradingview.com
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