Key Takeaways
- Cardano’s ADA has dipped nearly 2% in the last 24 hours, currently trading above $0.55.
- Investors remain optimistic about ADA’s price action ahead of the anticipated Leios upgrade.
ADA Down 8% This Week, Yet Bulls Remain Hopeful
ADA, the native cryptocurrency of the Cardano ecosystem, has underperformed this week, mirroring broader market trends in the cryptocurrency sphere. It has lost 8% of its value over the past seven days and is now trading at approximately $0.57 per coin.
This downturn coincides with declines in Bitcoin and other major cryptocurrencies. Nevertheless, the losses haven’t dissuaded bullish sentiment, particularly with the upcoming Leios upgrade for Cardano on the horizon.
The Leios upgrade aims to significantly boost network throughput and scalability. According to Input Output Global (IOG), the research arm behind Cardano, Leios is designed to optimize transaction processing and resource usage, particularly during high block activity peaks.
IOG further stated that the upgrade will introduce new mechanisms, including approvals, to maintain data security and availability while enhancing overall throughput.
ADA Could Reach $0.65
The Leios upgrade is expected to roll out in the fourth quarter of the year and may enable ADA to recover in the medium term. However, in the short term, ADA could bounce back from its recent decline and surge towards the resistance level of $0.65.
If bullish investors regain control of the market, ADA could likely reach the $0.65 resistance level in the near term. A sustained bullish run could push ADA up to $0.77 for the first time since May.
However, if bears maintain control, ADA may test the support level of $0.5096 in the coming hours or days. The MACD remains in negative territory, indicating that sellers currently dominate the market. Additionally, a Relative Strength Index (RSI) of 37 suggests that ADA is facing significant selling pressure from investors.
Unless the narrative shifts, ADA may experience further declines before initiating a recovery in the coming hours or days.
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