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- 1 Cardano is trading in a consolidation period of approximately 60 days.
- 2 The ADA price is trading below the key moving averages, showcasing bearishness on the technical chart.
- 3 Cardano (ADA) introduced a new upgrade known as ogmios v6.4.0 to enhance the developer functionality.
Cardano is evolving, announcing a new upgrade known as the latest ogmios v6.4.0 upgrade. The upgrade brings some new features that offer proper error feedback, enhancing the developers’ functionality. Now, this upgrade raises speculations about the rally in the Cardano price, grabbing investors’ attention.
What Does the New Upgrade Bring?
The new update, the ogmios v6.4.0, will influence the developer rather than the users. In the latest post by Cardano Updates on X, the team mentions that this update is released by ktorZ and is integrated with the Cardano-node==8.11.0-pre.
The new upgrade brings the new transaction submission, also known as the evaluation error and new queryNetwork error
This new upgrade is essential, improving Cardano’s functionality and making it easy for the developers to fix certain issues after the upgrade.
Cardano on the Technical Chart
According to the daily technical chart, the ADA is experiencing a prolonged downtrend. The price halted down from mid-March, breaking below the key moving averages. At press, the price is in the consolidation phase, and the consolidation is from 60 days.
At the time of writing, the Cardano price was trading at the level of $0.436 with a drop of 2.90%. The 24-hour trading volume is 881.70 Million, and a market cap of 15.79 Billion. It has a fully diluted market cap of 19.89 Billion with a circulating supply of 35.72 Billion.
The performance of the ADA has been lackluster throughout the year, as since the beginning of the year, it has been down by 25%, and the coin is in a prolonged downtrend.
However, if the coin gives a breakout, it will reach higher levels of $0.680 and $0.812. On the other hand, if the coin breaks down, the support level will be $0.400 and $0.350.
Decoding the Indicators of Cardano
At the time of writing, the ADA is trading below the key moving averages of 50-day and 200-day exponential moving averages, showcasing weakness in the ADA price. However, a new uptrend could start if ADA breaks these major EMA levels.
According to the indicator summary of TradingView, out of 26 indicators, 17 are on the sell side, 9 are on the neutral side, and zero are on the buying side. It suggests that the indicators give a bearish outlook and a negative perspective on the ADA price.
The RSI curve is trading below the median line at 45, and the 14-SMA line is at 38.46, which signifies bearishness in the crypto price.
Summary
Cardano unveils a new upgrade named ogmios v6.4.0 to enhance the developer functionality, grabbing the investor’s attention. However, despite the upgrade news, the ADA price is in bearish mode, trading below the key moving averages.
Disclaimer
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
