- ADA token price manages to sustain above the $2.5 resistance level.
- The rising EMAs in bullish alignment project a rise in underlying bullishness.
- The token pair ADA/BTC trades at 0.00005816 BTC with an intraday fall of -1.17%.
ADA Token price has seen a massive demand at $1.3 support. In addition, the recent price rise of 120% over the last month has also led to the breakout of the long-awaited key resistance horizontal levels and successfully crushed all the bearish attacks.
The token price trades higher than all the significant EMAs on the daily chart, supporting the 20-day EMA. Moreover, the rising EMAs project bullish alignment.
The current market price for the ADA token is $2.86. As a result, the intraday market capital has risen by +0.88%. In addition, intraday trading volume has decreased by +18% due to $3 psychological resistance.
Cardano to Launch ERC-20 Converter on Testnet Next Week
Cardano will launch an ERC-20 token used to convert assets from Ethereum to Cardano or vice versa. Next week, the feature will be available on the testnet.
Cardano has announced in a video that it will launch an ERC-20 converter to transfer Ethereum assets to Cardano’s testnet. This test will take place next week, and it should prove to be an interesting experiment that could lead to a significant game-changer.
In May, the new tool for migration was revealed for the first time. It allows users to transfer Ethereum-based tokens to the Cardano Blockchain.
The executive added that the tool’s designed for both token issuers and end-users. It is a bridge connecting the Ethereum network and Cardano that allows for easy migrations of Ethereum-based assets.
The tool will also be “self-service” and easy to use. It will also focus on “conveniently” bringing users over from larger platforms.
SingularityNET will also have its native AGIX token become the first ERC-20 token that migrates to Cardano.
The program will focus on code transparency as well as its reliability.
ADA Token Price Chart Of 4-Hour Timeframe
The pivot point standard states that the coin price could support $2.4 or $2 depending on the trend. The price could rise to $3 if bulls continue their movement.
Technical charts over the past 4 hours show that the price of the ADA token is trading higher than all the important EMAs. All the important EMAs are also rising higher, suggesting a solid chance of bullish crossovers.
Bullish RSI indicates a gradual increase in slope. The RSI indicator could, therefore, soon reach the overbought zone.
The ADX indicator indicates a high momentum trend.
Conclusion: ADA Token price finally manages to sustain above the $2.5 mark, resulting in a bullish rally shortly above the $3 mark. Investors hoping for a bullish entry spot might want to wait till the price breaches the $3 mark again.
Support: $2.4 and $2
Resistance-$3 and $3.5