Cardano Rolls Out Hydra Update 0.18.0, But Will the ADA Price Resume Recovery Momentum?

Sebastian Nagel, a Cardano core developer, recently highlighted the release of Hydra version 0.18.0. This update introduces a key feature allowing users

Cardano (CRYPTO: ADA) price experienced a slight decrease of 0.37% to trade at $0.34 on Saturday morning amid a less volatile market. As Bitcoin (CRYPTO: BTC) maintained stability above $60,000, most major altcoins saw consolidation following the mid-week rally.

Cardano price showed no major uptick in the last two days, indicating sideways action above $0.34. This also highlighted that there was no follow-up to the Thursday rally, indicating weak conviction from buyers.

Cardano price experienced a rally of 25% from $0.275 to $0.346 this week. Along with the broader market recovery, the recent developments in Chang Hard Fork and Hydra update contributed to bullish sentiment among market participants.

However, an analysis of the daily chart showed that the recent rally assisted in the formation of an expanding channel pattern. This pattern features two diverging trendlines, which usually indicate investor uncertainty and could potentially lead to a sustained downturn.

A bearish alignment between the daily Exponential Moving Averages (20, 50, 100, and 200) further suggested that the path of least resistance was down. If market concerns about continued correction persist, the Cardano price could reverse from the $0.34 level, which is guarded by the 20-day EMA.

This potential reversal could see the ADA price drop 18% to seek support around $0.28.

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