Cardano (ADA) price experienced a massive spike in the previous week, while the cryptocurrency market witnessed sensational returns. ADA has managed to shine its star among many other altcoin projects that started to recover in the previous week. Now it seems to be experiencing a slight pullback as it prepares for the next rally. Here are the details…
Will ADA be able to start a new rally?
Cardano price broke below the range from $0.487 to $0.614 on May 26, which is considered a bullish signal. This development was followed by an explosive upward move that drove the ADA up by about 55 percent. The rally managed to break the high range of $0.614. It then attempted to break through the $0.677 hurdle. This rise led investors to sell profits and ADA price suffered a downward pullback. In its quest for stable levels, Cardano price has set the midpoint of the aforementioned range at $0.551. Investors can wait for a yen pullback to break the $0.541 level that ADA is currently dealing with and retest the next support level at $0.516.
A bounce from these levels would put ADA in a deep bearish mode relative to the midpoint, possibly attracting investors who are out and looking for opportunities. As a result, a resurgence in buying pressure could trigger another leg raise, which pushed Cardano price up 52 percent and to tag the lower bound of the $0.785 to $0.90 hurdle. Regardless of the bullish outlook, a break of the $0.516 support base seems plausible if the sellers continue to sell the tokens. Under these circumstances, if Cardano price produces a four-hour candlestick close below $0.47, the bullish thesis will face invalidation by producing a lower low.
Cardano network work continues
Cardano (ADA) price has significant upside potential. The highly anticipated Vasil hard fork, which will improve performance and add the Plutus enhancement, is scheduled for June. As we have reported as
Kriptokoin.com, the Cardano development team reports that they continue to create a new infrastructure in order to put the network into a more scalable structure, that the work continues, but they have not reached the desired level yet. . The ADA community continues to look forward to critical features that will be available at the end of June. Cardano founder Charles Hoskinson provided information about the cool features that will be added to the upgrade and shared some of his ideas.
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