News released during the last week from Input Output Global (IOG) supported ADA`s price during the previous week, in line with general market optimism after data showed slowdown in the US inflation. Namely, Cardano developer announced a release of a toolkit which would allow developers to build side chains, and increase scalability of the Cardano`s network. ADA made a significant move to the upside during the week, starting around $0.27 level and reaching a short term resistance line at $0.35.
Significant push in price, supported by increased trading volumes, moved the RSI indicator to the clear overbought side of the market. The indicator is currently moving around level of 78, which is a heavy overbought side. This is also an indication that short term reversal might be expected in the coming period. At the same time, there is no change in movements of MA50 and MA200 indicators, as they still continue to flow as two parallel lines and still with a downtrend.
ADA was supported during the previous week with both increased market optimism and announcement of a new fork. It will take a few days until the market calms down, in which sense, the price might start the week ahead with continuous testing of $0.35 resistance. Since the RSI reached a heavy overbought side, it decreases the probability that the price might go much higher from current levels. In case that the coin enters into a short term reversal, the support line at $0.30 might be tested.
Significant push in price, supported by increased trading volumes, moved the RSI indicator to the clear overbought side of the market. The indicator is currently moving around level of 78, which is a heavy overbought side. This is also an indication that short term reversal might be expected in the coming period. At the same time, there is no change in movements of MA50 and MA200 indicators, as they still continue to flow as two parallel lines and still with a downtrend.
ADA was supported during the previous week with both increased market optimism and announcement of a new fork. It will take a few days until the market calms down, in which sense, the price might start the week ahead with continuous testing of $0.35 resistance. Since the RSI reached a heavy overbought side, it decreases the probability that the price might go much higher from current levels. In case that the coin enters into a short term reversal, the support line at $0.30 might be tested.
