ADA price increased on the last day together with the entire market. The ADA chart shows some upward movement, but weak volume signals the rise may be short-lived. While improving network activity is positive for price, a major overhead resistance may prove hard to break if ADA bulls have nothing else more tangible to ride on. Consequently, Cardano price may be at the mercy of Bitcoin for now as Chang upgrade launch could become a sell-the-news event.
Can ADA Price Inch Higher?
The cardano price chart shows a clear overall downward trend. The price recently formed a rising wedge pattern, which is typically a bearish continuation pattern.
Cardano price has support around $0.28, which aligns with the projected breakdown target from the wedge pattern and previous support areas.
There is some resistance around $0.36 – $0.38, where the 200 exponential moving average (EMA) (black line) is currently at. Further resistance also exists near the rising wedge’s upper boundary.
The pattern of
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