Is ADA Gearing Up for Another 50% Upswing in the Coming Weeks?

Coinquora 2 months ago Report
Telegram LinkedIn
  • 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 levelADA 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.

Original Source: https://coinquora.com/is-ada-gearing-up-for-another-50-upswing-in-the-coming-weeks/

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.

Join Our Weekly Newsletter of Cardano

Your weekly dose of Cardano news straight to your inbox!
GADA Finance is launching its Initial Stake Pool Offering (ISPO) Starting on June 29, 2022
Being the first permissionless and community-governed launchpad on Cardano, we intend to raise funds through a public ISPO which will enhance the Cardano ecosystem. CLICK HERE!
READ THE ORIGINAL ARTICLE ON >> Coinquora