Cardano Price Rises on Mastercard Partnership and Leios Upgrade
Cardano's price has been steadily recovering over the past few days, inching closer to its long-term Exponential Moving Average (EMA) near $0.2464.
This uptrend can be attributed to several factors, including the recent partnership between Cardano and Mastercard through their Crypto Partner Program.
The program aims to facilitate cross-border payments, business-focused transactions, and stablecoin settlements, setting Cardano up for enterprise-grade scaling and potentially opening doors to real-world adoption.
Additionally, the upcoming Leios testnet has delivered impressive results, with 1,000 simple transactions per second in a simulation. This upgrade promises to increase mainnet throughput by roughly 20x without simply enlarging the primary chain.
In terms of technical analysis, Cardano maintains a constructive near-term bullish bias above its 50-day and 100-day EMAs, while still being capped by the 200-day EMA at $0.2401. The Relative Strength Index (RSI) is hovering around 64 on the daily chart, signaling renewed buying pressure.
However, Cardano must reclaim the March 29 low at $0.2328 and the 200-day EMA at $0.2401 to sustain an upside move. An overhead resistance cluster formed by a rising trendline and the 78.6% Fibonacci retracement level near $0.2632 could emerge as the immediate barrier.