Cardano Price Analysis: ADA Token Fundamentals Are Getting Solid With New Updates
The price trend of ADA token is in an uptrend by 2.1% during the intraday session ADA/BTC pair is trading negative by 1.6% at 0.00003585 BTC The 24-hour trading volume in Cardano is $1.065 Billion Source: ADA/USD on TradingView The...
- The price trend of ADA token is in an uptrend by 2.1% during the intraday session
- ADA/BTC pair is trading negative by 1.6% at 0.00003585 BTC
- The 24-hour trading volume in Cardano is $1.065 Billion
Source: ADA/USD on TradingViewThe daily technical chart of the ADA token bounces off from the 200-EMA and the support zone. According to pivot points (FIB), the crucial support level is $1.08. Though, if it makes a move higher, the fundamental resistance level is $1.42. Meanwhile, the chart shows a Doji star candlestick pattern, which indicates a sideways trend with high reliability.
The exponential moving average (EMA) composed of 50,100,200-EMA can be a reliable support for currency price changes. However, investors can observe the price shows stability above the EMA-200, ensuring an uptrend until the price stays above the EMA-200.
Volume of (322.556K) is beneath the MA of 20-days (1.205M). Buying pressure is low in ADA, making its price remain in near support zones. Investors may also observe diminishing volume bars in the chart, which indicates a big move is expected in upcoming trading sessions.
The Stochastic RSI (bullish) with a K-87.52 D-71.78 bestows a buy signal in the coin. As a result, investors may observe an inclining slope and a positive intersection in the index. It may dwell in positive territory for forthcoming trading sessions.
Cardano (ADA) Token Will be Compatible With The Browser Through a New Update
Cardano (ADA) network will become browser- and mobile-friendly shortly, thanks to the ongoing new developments by the team behind the project. This update will allow the back end of the Plutus application to run in Javascript, which is the most widely used programming language on the web.
In a brief update issued by Cardano founder Charles Hoskinson, he pointed out that Cardano will support the addition of support for web browsers and mobile devices through the back end of applications running on JavaScript, allowing Cardano smart contracts to be compatible with web browsers.
Hoskinson described it as a major update, part of the network’s progress in implementing smart contracts and competing with Ethereum and Binance Smart Chain networks. He added that the team would continue to optimize the application to improve the compatibility of Plutus smart contracts with web browsers.
The team behind the project is also looking to implement the Mithril protocol, which is critical to launching the Cardano thin client. These thin clients will allow users to verify transactions on one device without downloading the entire blockchain.
Resistance: $1.42
Support: $1.08
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
