ADA Stunning Reversal After Death Cross Formation, Protocol Upgrade 👀👀👀

After five consecutive days of decline, Cardano’s ADA has staged a remarkable rebound coinciding with the formation of a technical pattern “Death Cross”.

ADA has recovered from a low of $0.426 on May 15; the rally has continued to press time, with a 5.38% increase in the past 24 hours to $0.455.

This rise has come as a welcome relief to investors holding ADA, who have been patiently waiting for a bullish reversal.

Over the weekend, ADA’s 50-day and 200-day SMAs crossed bearishly, forming a death cross.

Given the bearish outlook suggested by the death cross, ADA’s recent rebound is noteworthy. Multiple factors may have contributed to Cardano’s positive price performance after the death cross.

One important factor is the recovery of the overall market, with slightly improved broad economic prospects leading to stronger investor confidence in various assets, including cryptocurrencies.

In addition, the anticipation of an upcoming protocol upgrade may also be boosting investor sentiment.

A breakout above the daily moving average could be the first indication of strength.

Ouroboros is the consensus protocol that powers the Cardano blockchain. Given the continued development and growing use of Cardano, Ouroboros has been upgraded as planned.

The evolution of Ouroboros will continue to advance, with an expected release in Q3 2024. Ouroboros Genesis is a series of improvements to the already powerful Ouroboros protocol.

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