Cardano has been one of the most popular cryptocurrencies this week, having clocked around 100 million social engagements per day this week, as per LunarCrush data. Like Solana, ADA/USD looks on course to end the week about 1.5% higher close to the $0.50 level, around the middle of this week’s $0.43-0.55ish range.
Cardano’s failure to get back above its 21DMA (at $0.55) this week suggests that the positive momentum associated with Fear Of Missing Out ahead of the blockchain’s highly anticipated upgrade later this month (called the Vasil hardfork) has run its course. However, for now, support in the form of the recent this week’s and late May lows around $0.43 should shield ADA/USD from a near-term test of its sub-$0.40 annual lows printed at the start of May.
Cardano’s failure to get back above its 21DMA (at $0.55) this week suggests that the positive momentum associated with Fear Of Missing Out ahead of the blockchain’s highly anticipated upgrade later this month (called the Vasil hardfork) has run its course. However, for now, support in the form of the recent this week’s and late May lows around $0.43 should shield ADA/USD from a near-term test of its sub-$0.40 annual lows printed at the start of May.