CandleFocus Cardano’s Midnight Testnet Fails to Move Holders, ADA Eyes 21% Decline
2024-10-03
Author: Content Editor
The testnet for Cardano's privacy protocol, Midnight Network, is now live. However, the launch has not boosted interest in Cardano's native coin (ADA), which has seen a downward trend. The technical analysis suggests that if selling pressure intensifies, ADA's price could drop by an additional 21%. Despite the progress with the Midnight sidechain, ADA's price has not reflected the development, currently trading at $0.34 with strong resistance at the $0.40 level. If ADA falls below the Ichimoku Cloud, it could face further decline, potentially dropping to $0.27. On the other hand, if buying pressure increases, ADA could rise above the cloud and target the $0.40 resistance level, with potential for further gains towards $0.60.
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