Cardano’s ecosystem keeps on growing as price breaks through $0.5 resistance after big release
Following the recovery of Bitcoin and the cryptocurrency market in general, Cardano’s native token, ADA, managed to break through the significant psychological resistance and could be set for a massive recovery rally.
According to the daily chart, ADA is demonstrating signs of “bottoming out” as indicators like the Relative Strength Index are showing a divergence on the chart. After breaking through $0.5, Cardano’s next target would be around $0.6 since it is the point of a previous reversal.
The previously mentioned resistance point also correlates with the local descending trend line, moving in the chart at around $0.61. To break through the resistance, ADA would need the huge support from the bulls, as ADA is not receiving the necessary buying volume.
On intraday charts like the four-hour one, we can clearly see the rounding up bottom, which is followed by the extreme drop of volatility and trading volume. Experts were previously anticipating at least a short-term reversal on altcoins after around eight or nine weeks of sell-off.
The cryptocurrency community is more than happy to see positive momentum on Cardano’s native asset, as it remains one of the least profitable assets in the cryptocurrency market. ADA had lost more than 80% of its value since hitting an all-time high in September 2021.
Fundamental releases for Cardano
Previously, U.Today reported that the Cardano ecosystem acquired a fundamental solution that will help bring large quantities of funds to the network. The release of an Iagon bridge allows for sending the Ethereum-based USDC stablecoin to Milkomeda decentralized platform and then withdrawing the Cardano Native Asset.
To make a trade, users would need a moderate amount of milkAda tokens in their wallet.
