Cardano: Market Situation Analysis

🟠Recently, the testnet of the private Cardano protocol, Midnight Network, was launched. However, this has failed to spark interest in ADA, the blockchain’s native token. Technical analysis shows that if selling pressure intensifies, ADA’s price could drop by another 21%.

🟠The price of Cardano has ignored the network’s progress. On the daily chart, ADA remains in a horizontal channel. Attempts to break the resistance level at $0.40 have repeatedly faced strong selling pressure.

🟠If buying pressure increases, ADA may rise above the cloud and target the channel resistance at $0.40. A successful break of this level could mark the beginning of a rise towards $0.60.