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- The recent growth in ADA by crypto investors resulted in an explosive upswing for the coin last week.
- The bullish upswing saw ADA’s price break through the range high at $0.614 and attempt to flip the $0.677 hurdle.
- ADA looks poised for another 52% upswing.
There has been a lot of talk around Cardano (ADA) within the crypto community over the last few weeks. The main reason for ADA’s recent popularity is the upcoming Vasil Hard Fork. Other reasons include the level of development that the Cardano team is busy with during this bear market.
The recent growth in ADA by crypto investors resulted in an explosive upswing for the coin last week, placing it among other altcoins such as WAVES, KAVA, and many others that rallied. However, these altcoins are now undergoing a price correction in preparation for the next leg-up.
Looking at the price of ADA specifically, its price did deviate below the $0.487 to $0.614 range on May 26. This seems to be a bullish signal, as the development was preceded by an explosive upswing that took its price up an astonishing 55%.
The bullish upswing saw ADA’s price break through the range high at $0.614 and attempt to flip the $0.677 hurdle. Although exhaustion and profit-taking went hand in hand at this point, ADA did begin its retracement. In an attempt to establish stable levels, Cardano’s price now hovers around the midpoint of the mentioned range at $0.551.
ADA hovering at $0.54 level Source: TradingView
Investors can expect ADA’s price to breach the $0.541 barrier, which it is currently grappling with, and dive deep to retest the closest support level at $0.516. ADA will be put in a deep discount mode relative to the midpoint if a bounce off of this barrier occurs.
A fresh surge in buying pressure could trigger another leg up that could elevate ADA’s price by 52% to tag the lower limit of the $0.785 to $0.90 level.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
