Key Points
Cardano (ADA) is currently priced at approximately $0.267, having declined by 1.86% in the past 24 hours. The digital asset has been consolidating between $0.26 and $0.27.
During this period, the entire cryptocurrency market has also experienced similar downward pressure, with the global crypto market capitalization dropping by 1.26% to $2.41 trillion.
The increasingly tense geopolitical situation in the Middle East has led to a surge in oil prices, reigniting concerns over inflation and prompting a broad sell-off of risk assets, including digital currencies.
While Bitcoin remains stable around the $70,000 mark, it has seen a slight decline during the day. Ethereum is holding above the $2,100 support level, while XRP remains solid above $1.40.
On the four-hour chart, ADA's bears have regained dominance after failing to break through recent highs. The MACD histogram shows red bars below the signal line, while the RSI indicator is below the midpoint of 50, suggesting recent bearish pressure.
For bullish traders, ADA needs to successfully reclaim the resistance level at $0.28. A breakthrough at this level could open the path to $0.29 or even $0.30.
Market analyst Ali Charts shared his observations on platform X, noting that Cardano has formed a TD Sequential “9” buy signal on the weekly chart. The analyst stated that this technical pattern “typically indicates a bullish expansion over the next 1 to 4 weeks,” setting price targets at $0.32 and $0.37, provided ADA maintains support at $0.23 by the weekly close.
https://twitter.com/alicharts/status/2034859227110351302?s=20
Regulators Release Unified Crypto Framework
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission have jointly released guidelines for the classification of crypto assets. These regulators have clarified different categories such as digital commodities, collectibles, stablecoins, and digital securities.
The framework further clarifies which tokens qualify as investment contracts and the conditions that would invalidate that status. The Commodity Futures Trading Commission acknowledges that certain non-security tokens may meet the standards for commodity classification. Market observers believe that enhanced regulatory transparency could impact investor sentiment towards ADA and future discussions on exchange-traded funds.
Network Upgrade Moves Towards Mainnet Deployment
Cardano is progressing towards its next network upgrade. The implementation of Protocol 11's internal hard fork, codenamed van Rossem, is expected to activate in the coming days.
https://twitter.com/IntersectMBO/status/2034598520892571701?s=20
This upgrade requires the release of two consecutive node versions. Node 10.6.2 was deployed in February, while node 10.7.0 is the final required version.