Key takeout
Cardano’s ADA has fallen by nearly 2% in the last 24 hours and is currently trading above $0.55.
Investors are optimistic about ADA price action ahead of the expected LEIOS upgrade.
Ada will fall 8% this week, but the Bulls will make hopes come into play
Ada, a native coin for Cardano Ecosystem, has been suffering from a slower performance this week, reflecting performance in the broader Crypto market. It lost 8% of its value in the last seven days and is currently trading at $0.57 per coin.
Performance is slowed as Bitcoin and other major cryptocurrencies recorded losses. However, this loss has not thwarted the optimistic bull ahead of Cardano’s future Leowa upgrades.
Cardano-based Leios upgrades are intended to dramatically increase network throughput and scalability. According to Input Output Global (IOG), the Research Arm behind Cardano, Leios is designed to optimize transaction processing and resource utilization, especially during peak block activity.
IOG added that the upgrade is introducing new mechanisms such as approvals to increase overall throughput while maintaining security and data availability.
ADA could reach $0.65
The Leowa upgrade was implemented in the fourth quarter of the year, allowing you to see the ADA rally in the medium term. However, in the short term, the ADA was able to bounce back from the recent bearish slump and surge towards a $0.65 resistance level.
If the Bulls regain control of the market, the ADA could reach resistance levels of $0.65 in the short term. In an extended bullish run, the ADA reached $0.77 for the first time since May.
However, if the bears remain in control, the ADA can test a support level of $0.5096 in the coming hours or days. The MACD is still in the negative zone, indicating that the seller is currently in control. The 37 RSI also shows that the ADA is facing intense sales pressure from investors.
Unless the story changes, the ADA could drop in the next few hours or days before embarking on recovery.
