Cardano ADA's price in two weeks has declined over 40% from top to bottom and looks for some clarity as it battles with the long and short-term support levels. Amid the indecision is a neutral outlook for the digital token, waiting for today’s close.

In an interesting twist, Canada has quietly introduced a regulatory framework on Bitcoin BTC ETFs. In contrast, the united states have been slow at addressing the issue, putting pressure on the new administration to introduce a new regulatory framework.

It is believed that the Joe Biden administration is within the initial stages of developing a regulatory framework that might address digital asset classification, security law, and therefore the responsibilities of entities.

Cardano price bulls hoping for burst of price strength

Charles Hoskinson, the co-founder of IOHK, the developer of the Cardano ADA blockchain platform, has articulated his belief that the upcoming bill will introduce crypto regulations within the area of consumer protection. He said that the explosive price action in the cryptocurrency complex over the last year underpinned by the revolution in NFTs and decentralized finance (Defi) had created a perception of Ponzi-like trading that's finally being highly scrutinized by regulatory agencies.

Whenever market support patterns like that emerge, it becomes essential for the regulators to get involved. The free markets can’t be trusted, so regulators need to be hands-on and regulate the space.



He went on to mention that the global financial system was cancerous, and if it were human, it might be terminal because investors’ expectations are unrealistic. The result's an elevated level of irrational thinking and decisions.

Cardano'ADA price has discovered support at the 10-week simple moving average (SMA) on a weekly closing basis since the start of November 2020. Still, in the week it's on pace to close below the moving average, raising the odds of a deeper correction for Cardano.

Currently, the 10-week SMA is at $1.184, and therefore the ADA price is 4% below the moving average at $1.139. A failure to close above the critical threshold would put ADA on course to test the 100-day SMA at $.972, the April 23 low of $0.892, and potentially the 38.2% Fibonacci retracement level of the 2021 rally at $0.703.

Adding to the downside pressure is that the breakdown of the weekly RSI from a head-and-shoulders support pattern in the week.

If Cardano musters the impulsiveness to close above the 10-week SMA today, it'll keep the long-term trend intact. a close above the April 23 hammer high at $1.192 and therefore the 50-day SMA at $1.204 should release a rebound to the lower line of the symmetrical triangle at a price of $1.307.

Following a close above the line, Cardano's price should be poised to attack the all-time high recently printed at $1.570 with some resistance interrupting the rally at the 2018 high of $1.404.

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