Cardano: ending a reversal ?The price of ADA was strongly supported by the news about Milkomeda`s EVM project during the previous period, which pushed the price to the higher grounds and level of $0.46. Still, due to generally negative market sentiment, the price could not hold at this level, so it entered into a bit higher reversal down to $0.37 on Friday. Still, the coin is finishing the week by testing the $0.40 resistance line.
Two weeks ago RSI reached a clear overbought side, which was an indication of forthcoming short reversal. Cycle of reaching the oversold side is still not over, as the indicator finished the week around level of 44. On a positive side is that the MA50 is still diverging from its MA200 counterpart and is still supporting the Golden cross.
As of the weekend, buying orders emerged, which is generally positive for the coin. It means that the price could be supported at current levels during the week ahead. The market will continue to test the $0.40 resistance line, with lower probability that it might be clearly breached to the upside. On the opposite side, there is a weak probability that $0.35 support might be tested in the week ahead.
