Cryptocurrency news

ADA Price Analysis: ADA Token Price Approaches $ 3 Resistance

  • The price of the ADA token manages to hold above the resistance level of $ 2.5.
  • Rising EMAs in the bullish alignment project an increase in the underlying uptrend.
  • The ADA / BTC token pair is trading at 0.00005816 BTC with an intraday decline of -1.17%.

The ADA token price saw massive demand at a support of $ 1.3. In addition, the recent price rise of 120% over the last month also led to the breaking of the long-awaited key horizontal resistance levels and succeeded in crushing any bearish attacks.

The token price is trading higher than all major EMAs on the daily chart, supporting the 20-day EMA. Additionally, rising EMAs are projecting a bullish alignment.

The current market price for the ADA token is $ 2.86. As a result, the intraday market capitalization increased by + 0.88%. Additionally, intraday trading volume declined + 18% due to psychological resistance of $ 3.

Cardano to launch ERC-20 converter on Testnet next week

Cardano will launch an ERC-20 token used to convert Ethereum’s assets to Cardano or vice versa. Next week the feature will be available on testnet.

Cardano announced in a video that it will launch an ERC-20 converter to transfer Ethereum assets to Cardano’s test network. This test will take place next week and should prove to be an interesting experience that could be a significant game-changer.

In May, the new migration tool was first unveiled. It allows users to transfer Ethereum-based tokens to the Cardano Blockchain.

The executive added that the tool is designed for both token issuers and end users. It is a bridge connecting the Ethereum and Cardano network that allows easy migrations of Ethereum-based assets.

The tool will also be “self-service” and easy to use. It will also focus on bringing in users from larger platforms “conveniently”.

SingularityNET will also see its native AGIX token become the first ERC-20 token to migrate to Cardano.

The program will focus on the transparency of the code as well as its reliability.

ADA token price table over a 4 hour period

The pivot point standard indicates that the coin’s price could support $ 2.4 or $ 2 depending on the trend. The price could rise to $ 3 if the bulls continue their movement.

Technical charts for the past 4 hours show that the ADA token price is trading higher than all major EMAs. All major EMAs are also rising, suggesting a solid chance for bullish crosses.

The bullish RSI indicates a gradual increase in the slope. The RSI indicator could therefore soon reach the overbought zone.

The ADX indicator shows a trend of high momentum.

Conclusion: The ADA token price finally manages to hold above the $ 2.5 mark, leading to a bullish rally just above the $ 3 mark. Investors hoping for a bullish entry point may want to wait for the price to cross the $ 3 mark again.

Support: $ 2.4 and $ 2

Resistance-$ 3 and $ 3.5

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