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Cardano (ADA) price rose by 8.38% in the last three days, drawing attention once again. The price increase occurred while Bitcoin fluctuated between $58,000 and $61,000, highlighting that developments in the Cardano network affected its price more than other underperforming Blockchain networks. ADA recently lost its position in the top 10, falling to 11th place and ceding its throne to Tron (TRX). If the price continues to rise, it may climb back to higher ranks.
Developments in the Cardano Network and Changes in Investor Confidence
Developments in the Cardano network, especially Hydra surpassing Bitcoin Lightning Network, made significant noise. Most recently, data collected during the Hydra DOOM game at the RareEvo Blockchain Event confirmed Hydra’s success. This development increased interest in Cardano, leading investors to take profits amid the growing hype.
In the last 24 hours, ADA’s price rose by over 3%, reaching 0.3566 and approaching a critical point. According to Coinglass data, net outflows from ADA exchanges indicate that investors are holding onto their assets in anticipation of rising prices. The negative net flow of $5.73 million on August 20th was the largest outflow seen since the market crash at the beginning of August.
Technical Indicators and Key Levels for ADA
ADA’s price movements gave a significant bullish signal by breaking out of the falling wedge formation on August 20th. This breakout indicates that a new uptrend might be starting. However, the price is still below the 200-day EMA. The price is expected to face significant resistance at the 200-day EMA level of 0.3612. Above this level, 0.4054 will be monitored as the next resistance level.
Meanwhile, the MACD histogram shows increasing positive momentum, with the MACD line (blue) crossing above the signal line (orange), indicating a continuation of the upward trend. If ADA’s price manages to stay above the 200 EMA at 0.3712, it could move towards higher resistance levels like 0.4500 for longer-term positions.
On the other hand, if ADA’s price fails to stay above the 0.3480 level, it will signal market weakness and could trigger further declines. In this scenario, a pullback towards 0.3300 and 0.3222 levels can be expected.
