JAKARTA The cryptocurrency Cardano (ADA), which is a competitor to Ethereum, has shown positive performance in the crypto market. ADA has become the most profitable cryptocurrency in the past 24 hours.
Despite moving in a prolonged downward trend, ADA is constantly testing its resistance levels and aiming for a rapid recovery as overall profitability of assets remains at one of the lowest levels compared to Ethereum or even Bitcoin, which faces nearly 80% correction.
U.Today reports that Cardano is struggling desperately to penetrate the 50-day moving average, which acts as a barrier to a moving asset in a downward trend. If broken, ADA will be able to move towards the next resistance level in the range of US$0.7 per ADA. This is a price level that fits the 200-day moving average.
Unfortunately, the growth we saw today is most likely only due to the lack of selling pressure caused by the weekend trading session known for its relatively low volume of trade and liquidity.
Vasil Cardano Improvement
Earlier this month, the Cardano ecosystem experienced a significant increase including the Vasil hard fork which will be launched on September 22. Then Cardano will release GeroWallet, audit from Aada Finance, and launch will take place on September 13.
Industry observers believe the Cardano project will develop significantly in the next bull run phase. This is due to the fundamental value of the network that will determine ADA's next growth cycle in the crypto market.
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