Cardano (ADA) $0.43 Resistance Turned Into Support, Prepares For Upward Momentum

Cardano (ADA) has finally broken past the significant resistance level of $0.43, which may propagate an uptrend surge towards the next major resistance at $0.50. This might be for a trend reversal breakout to continue its upward move.

At the time of the last update, ADA changed hands at $0.43219, down slightly by -0.40% in the past 24 hours. The cryptocurrency has a 24-hour volume of $969.97 million, a market capitalization of $15.42 billion, and dominates the markets with a market dominance of 0.66%.

The broader cryptocurrency market is currently experiencing a bullish phase, buoyed by a recent upswing in Bitcoin’s price. This positive market sentiment is fostering an optimistic environment for altcoins, setting the stage for potential price rallies across various digital assets. ADA has particularly benefited from this favorable market trend.

Adding to the market’s optimism is the impending launch of Ethereum ETFs slated for July 23rd. This upcoming event is expected to catalyze further gains across altcoins, including Cardano, as it attracts new investors and increases overall demand within the market.

Update: Nate's instincts were right, hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course! https://t.co/D21FD9Qf94

— Eric Balchunas (@EricBalchunas) July 15, 2024

Cardano (ADA) Shows Bullish Signs with Resistance Turned Support

Crypto analyst Sssebi expressed optimism as $ADA closed the daily candle just above resistance, with the subsequent candle bouncing from this level, forming a bottoming tail that transforms the resistance into a support zone. This bullish setup indicates potential upward momentum for Cardano.

Additionally, Cardano’s upcoming Chang Hard Fork is driving its bullish trajectory, signaling a significant shift towards decentralized, community-driven governance. This crucial hard fork, anticipated to occur around mid-July, aims to reshape the ownership structure of Cardano’s $13 billion project.

Historical data shows how important network upgrades pushed Cardano’s price performance. For example, in September 2021, after the Alonzo hard fork, ADA prices were up 130% from $1.35 to $3.10 within one month.

To further boost the positive sentiment, founder Charles Hoskinson of Cardano revealed during a livestream that the critical upgraded node 9.0, which is required for the hard fork, is on schedule for next week assuming there are no unexpected complications

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