Various cryptocurrency analysts have pointed out that Cardano ($ADA) has a major price barrier to overcome if it\u2019s set to move higher amid a wider cryptocurrency market recovery that over a 30-day period has seen $BTC move up 20.3% and $ETH 76.2%.<\/p>\n
Among the analysts is well-known trader Micha\u00ebl van de Poppe, who noted that breaking through the $0.55 mark would \u201ctrigger continuation\u201d towards $0.67 which would \u201cgrant a trigger for long entries as well,\u201d suggesting the cryptocurrency could move even higher.<\/p>\n
Micha\u00ebl van de Poppe shared his analysis with his over 600,000 followers on the microblogging platform, while also noting that Cardano\u2019s price has been holding above its 50-day moving average (MA). Moving averages are technical indicators that generate the average price for an asset to cut out the noise.<\/p>\n
The analyst later on followed-up on the tweet, noting that Cardano has been following the plan and was looking ready \u201cfor continuation\u201d along with the rest of the market. HE set a $0.70 target for the cryptocurrency.<\/p>\n
Another analyst, going by FinancialDivie, seemingly agreed with van de Poppe\u2019s analysis,s noting that Cardano \u201cseems to be stuck at the $0.55 resistance.\u201d Per the analyst $ADA hit it five times over the last month, while using $0.525 as a support area.<\/p>\n
A third analyst going by Rhaonnor also noted that ADA faced \u201cmany rejections\u201d at the $0.55 mark as it is \u201cstruggling to break this important resistance for one more time.\u201d ADA, it\u2019s worth noting, is at the time of writing trading at $0.53 after moving up 22% over the past 30 days.<\/p>\n
Also read: Cardano: How to Stake Your $ADA Tokens<\/p>\n
As CryptoGlobe reported, a recently published report from Messari suggests that Cardano ($ADA) is being \u2018aggressively priced\u2019 ahead of the Vasil hard fork, at least when compared with rival smart contract networks that aren\u2019t Ethereum, including Solana ($SOL), Algorand ($ALGO), Tezos ($XTZ), and $NEO.<\/p>\n
Per the document, Cardano\u2019s active addresses are far below those of Solana, but tower those of Algorand, Tezos and NEO, although it processed around 62,000 daily transactions, compared to over 296,000 from Algorand, 208,000 from Tezos, and 174,00 for NEO. Solana processes over 38 million daily transactions.<\/p>\n
The report noted Cardano may be aggressively priced ahead of its Vasil hard fork, which is expected to deliver a \u201cmassive\u201d performance improvement to the cryptocurrency\u2019s network, but was\u00a0delayed by \u201ca few more weeks.\u201d\u00a0The Vasil hard fork will involve four Cardano Improvement Proposals (CIPs).<\/p>\n
Investors have nevertheless been betting on it, with data from Coinbase\u2019s price pages showing that users of the Nasdaq-listed cryptocurrency exchange\u00a0have a typical ADA hold time of over 153 days, meaning that Cardano traders on the platform hold onto their assets for that long before \u201cselling it or sending it to another account or address.\u201d<\/p>\n