Cardano (ADA) Summit Failed to Push the Price Despite Key Developments

Cardano (ADA) Summit Failed to Push the Price Despite Key Developments
  • The RSI indicates a strong urge to purchase.
  • A presentation by Charles Hoskinson kicked off the summit.

The summit was to last two days, from May 25th to 26th and was to be unique. Meetups were offered in six countries. The summit also included live and virtual activities open to everyone on the globe. Local organizations also hosted community activities.

Cardano demonstrated its network’s flexibility by extending its use across sectors. The ecosystem also announced Dish Network’s blockchain integration. Cardano will develop a digital identity system for Dish customers. A collaboration with Chainlink was also announced by Cardano’s parent firm, Input Output.

A presentation by Charles Hoskinson kicked off the summit, showcasing the network’s existing capabilities and predicting a new development trajectory as smart contracts become inherent to Cardano.

The Altcoin Price Quickly Recovered

China’s latest FUD caused a crypto massacre. More than $250 billion was lost. Both Bitcoin and Ethereum were down almost 15%. Despite the summit excitement, Cardano price fell 4% to $2.26. The third-largest cryptocurrency coin is up 2% this week. ADA price is now over $2.

ADA/USDT: Source: TradingView

After a fall, the altcoin price quickly recovered. The price fell below $2 before rebounding. Despite not breaking past the barrier, Cardano has maintained solid support.

Cardano is currently at $2.2. Resistance levels are $2.649 and $3. Only a clean closing over $2.502 will allow ADA to hit new highs. In case of a drop, support is around $2.058, $1.815, and $1.513 levels.

The RSI indicates a strong urge to purchase. The RSI line is nearing normal, piqueing buyers’ appetites. However, the MACD which is Moving Average Convergence Divergence is turned negative. According to CoinMarketCap, Cardano price today is $2.20 USD with a 24-hour trading volume of $3,278,201,488 USD.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.