Can Cardano (ADA) Make it Back to the Top 10?

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Cardano (ADA) has slipped out of the crypto Top 10 list despite posting gains of 5.78% over the last seven days. As of press time, ADA is ranked 11th by market cap.

Cardano is currently trading at $0.3548 after an intra-day surge of 4.02%, signaling a potential recovery. However, ADA is still down 88.2% from its September 2021 all-time high of $3.09.

On the daily chart, Cardano is trading below its 50-, 100-, and 200-day EMAs, suggesting strong bearish pressure. As a result, ADA could continue to face resistance at the $0.360 level.

On the other hand, with the upcoming Chang hard fork, Cardano is expected to make big strides with its transition to decentralized governance.

According to the ADA/USD 4-hour chart, Cardano appears to be gaining momentum, with its MACD level flashing a strong buy signal.

To enter bullish territory, Cardano needs to break above the crucial resistance at $0.360 in the upcoming weeks.

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