Moreover, ADA had lost most of the primary support areas, especially those provided by the major applied moving averages, starting with the 200-day Exponential Moving Average (EMA) (in purple), the 50-day EMA (in red), and the 100-day EMA (in blue).<\/p>\n The stability witnessed across the market allowed bulls to arrest the bearish situation and take over control. Now, ADA is trading at $0.383 after reclaiming the confluence support formed by the 50-day EMA and the 100-day EMA.<\/p>\n Additionally, a buy signal from the moving Average Convergence Divergence (MACD) indicator adds credence to the bullish outlook. Those looking forward to buying ADA this week may want to check a few boxes, including if the MACD line in blue is still above the signal line in red.<\/p>\n The movement of the momentum indicator above the mean line at 0.00 into the positive region would give Cardano price the boost it needs to restart the uptrend.<\/p>\n Traders would also be looking forward to a potentially incoming ascending triangle breakout, as illustrated in the chart.<\/p>\n An ascending triangle is a bullish chart pattern that indicates a possible continuation of an uptrend. It consists of a horizontal resistance line and a rising support line that converge to form a triangle.<\/p>\n Traders look for a breakout above the resistance line with increasing volume, which signals that buyers have overcome sellers and are pushing the price higher.<\/p>\n The breakout point also serves as an entry point for a long trade, with a stop loss placed below the support line.<\/p>\n Note that the profit target (42%) is calculated by adding the height of the triangle to the breakout point, as shown on the ADA\/USD daily chart.<\/p>\n An ascending triangle can offer a profitable trading opportunity if the pattern is confirmed and followed by a strong price movement.<\/p>\n That said, another box that must be checked by bullish traders would be Cardano’s ability to weaken resistance at the 200-day EMA<\/a> around $0.392. With this hurdle out of the way, ADA would be very close to facing the triangle’s horizontal resistance at $0.42.<\/p>\n Based on the position of the Relative Strength Index (RSI) on the daily chart, the path with the least resistance is currently to the upside. Cardano will likely keep the rebound intact as long as the RSI continues with the climb above the midline and toward the overbought area.<\/p>\n Cardano is one of the most recognized blockchain ecosystems in the industry and its founder, Charles Hoskinson, has recently released his vision for the future of the protocol, as reported by ZyCrypto<\/a>.<\/p>\n In the video about the future of the network, Hoskinson is eyeing a higher set of standards that will guide its expansion and growth. He puts a lot of emphasis on the need for clear regulations, which would play a major role in the protocol’s success in the long run.<\/p>\n![\"Cardano](\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/ADAUSD_2023-05-30_06-16-53.png\")
<\/a>Cardano Founder Expounds On His Vision for the Ecosystem<\/h2>\n