There has been major progress for ADA during the previous week. Positive news from Cardano`s EVM company Milkomeda over network upgrade is finally strongly reflecting in the price of ADA. Although the coin started the previous week by testing $0.4 resistance, the coin managed to break this level and reached its highest weekly value at $0.46 last time the coin was at this level in February this year.
Major development occurred with the RSI indicator during the previous week, which reached the clear overbought side of the market. This indicates the potential for a short term turning point for ADA, which could enter into short term reversal in the coming period. Moving average of 50 days continues its modest divergence from MA200 counterpart, and weakly supporting the Golden cross.
It could be expected that the price of ADA will continue to be supported by the news from Milkomeda. In this sense, ADA will start the week ahead by continuing to test its current $0.45 resistance line. There is a low probability that the next resistance line at $0.5 might be reached during the week ahead. On the opposite side, due to potential for short reversal since the RSI reached a clear overbought side, ADA might turn to test the $0.40 support line for one more time.
Major development occurred with the RSI indicator during the previous week, which reached the clear overbought side of the market. This indicates the potential for a short term turning point for ADA, which could enter into short term reversal in the coming period. Moving average of 50 days continues its modest divergence from MA200 counterpart, and weakly supporting the Golden cross.
It could be expected that the price of ADA will continue to be supported by the news from Milkomeda. In this sense, ADA will start the week ahead by continuing to test its current $0.45 resistance line. There is a low probability that the next resistance line at $0.5 might be reached during the week ahead. On the opposite side, due to potential for short reversal since the RSI reached a clear overbought side, ADA might turn to test the $0.40 support line for one more time.
