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The native token of the Cardano blockchain, ADA, has seen its price dipping slightly over the past 24 hours, according to CoinMarketCap. At the time of writing, ADA is trading very close to the $0.50 level at $0.4962. This is after a 24 hour drop in price of around 0.73%.
ADA attempted to push above $0.51 earlier, but failed the attempt. As a result, ADA has continued to pivot on either side of its 50-Day Moving Average (MA) — currently at $0.493 – for the second day. If ADA’s price is able to close above the 50 daily MA, it would be a bullish sign for ADA’s price action over the weekend and into next week.
Short-term speculators remain relatively bullish on ADA following Monday’s break above a key downtrend that had been restricting ADA’s price since the middle of June. ADA’s price has now remained above this downtrend, despite having pulled back sharply from a test of resistance in the $0.55 area earlier in the week.
If bulls are able to regain control in the coming days, a test of the $0.55 level will once again be likely. Should the bulls successfully elevate ADA’s price above this level, then the sell pressure on ADA may alleviate. The next target for ADA’s price will then be around $0.69 towards late May.
A key theme in Cardano’s roadmap is the Vasil hard fork upgrade as it will allegedly deliver significant capability and scalability benefits to the Cardano blockchain. Analysts forecast that ADA will be given a big price boost when Charles Hoskinson gives an official date for the upgrade.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.