DAUSDT | CARDANO ready to go back to $1
Guys, I want to share with you one interesting information on the Cardano fort, against this background, a possible growth is expected!
On the technical side!
According to the technical analysis, the price of ADA will resume its uptrend over time. As soon as the price of ADA hits $0.47, it will become quite obvious that the signal is triggered. Also, the entry point will start at this price to make things work.
Daily chart for ADA/USDT, a descending triangle has formed, which is approaching the top of the triangle as the daily candles approach it. The basis of the current chart pattern was a powerful and critical support level on the daily chart as the ADA price tested this level several times. After each of these tests, there was a rebound.
The upper point of the triangle is getting closer and closer to the current ADA price; therefore, the bulls may move forward to maintain the support level and prevent it from becoming resistance. This will create a short-term uptrend that could target the 20 EMA (Moving Average) around $0.49.
The Relative Strength Index (RSI) is in a favorable position for a bullish rebound at the current low, which is the bottom of the chart pattern. Maybe now is the perfect time to buy ADA. Even if the Relative Strength Index (RSI) line is below the Relative Strength Index (RSI SMA) simple moving average, it is more likely to be oversold rather than overbought. As a consequence, bulls are eligible to buy ADA at the current selling price.
During this interim period, ADA price action appears to be consolidating inside the pennant's range, with bulls in the near term. Because of this, it is possible that the ADA/USD exchange rate will rise from the pennant's ascending trend line support at $0.46 and reach the down trend line resistance at $0.60 by the end of July.
On the fundamental side, information on the fork!
Cardano Vasil hard fork to reverse bearish trend
Cardano may receive support from the upcoming Vasil hard fork, although the short-term outlook for the cryptocurrency remains pessimistic. The upgrade, which was supposed to happen at the end of June but will now happen sometime in July, is meant to make the Cardano network faster and more scalable.
A significant event, such as the Vasil hard fork, can itself have various implications for digital asset pricing. This is true, as is the case with everything else. Because of this, investors always try to guess when there will be the most noise and buy when they think the best time is.
Vasil is also expected to make it easier for developers to use Cardano. Cryptocurrency advocates say it could even bring in projects from other Tier 1 blockchains, encouraging more people to buy ADA.
In the days leading up to the Cardano hard fork, the price of ADA has risen in the past. This is a trend that could help the cryptocurrency make a comeback.
The bulls seem to have sufficient strength and it is quite possible that the price will rise to $0.64. However, the support zone between $0.42 and $0.44 could give the currency a bit more upside momentum.
On the technical side!
According to the technical analysis, the price of ADA will resume its uptrend over time. As soon as the price of ADA hits $0.47, it will become quite obvious that the signal is triggered. Also, the entry point will start at this price to make things work.
Daily chart for ADA/USDT, a descending triangle has formed, which is approaching the top of the triangle as the daily candles approach it. The basis of the current chart pattern was a powerful and critical support level on the daily chart as the ADA price tested this level several times. After each of these tests, there was a rebound.
The upper point of the triangle is getting closer and closer to the current ADA price; therefore, the bulls may move forward to maintain the support level and prevent it from becoming resistance. This will create a short-term uptrend that could target the 20 EMA (Moving Average) around $0.49.
The Relative Strength Index (RSI) is in a favorable position for a bullish rebound at the current low, which is the bottom of the chart pattern. Maybe now is the perfect time to buy ADA. Even if the Relative Strength Index (RSI) line is below the Relative Strength Index (RSI SMA) simple moving average, it is more likely to be oversold rather than overbought. As a consequence, bulls are eligible to buy ADA at the current selling price.
During this interim period, ADA price action appears to be consolidating inside the pennant's range, with bulls in the near term. Because of this, it is possible that the ADA/USD exchange rate will rise from the pennant's ascending trend line support at $0.46 and reach the down trend line resistance at $0.60 by the end of July.
On the fundamental side, information on the fork!
Cardano Vasil hard fork to reverse bearish trend
Cardano may receive support from the upcoming Vasil hard fork, although the short-term outlook for the cryptocurrency remains pessimistic. The upgrade, which was supposed to happen at the end of June but will now happen sometime in July, is meant to make the Cardano network faster and more scalable.
A significant event, such as the Vasil hard fork, can itself have various implications for digital asset pricing. This is true, as is the case with everything else. Because of this, investors always try to guess when there will be the most noise and buy when they think the best time is.
Vasil is also expected to make it easier for developers to use Cardano. Cryptocurrency advocates say it could even bring in projects from other Tier 1 blockchains, encouraging more people to buy ADA.
In the days leading up to the Cardano hard fork, the price of ADA has risen in the past. This is a trend that could help the cryptocurrency make a comeback.
The bulls seem to have sufficient strength and it is quite possible that the price will rise to $0.64. However, the support zone between $0.42 and $0.44 could give the currency a bit more upside momentum.
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.