Is ADA Gearing Up for Another 50% Upswing in the Coming Weeks? -Breaking
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Are ADA and ADA preparing for another 50% upswing over the next few weeks?- Last week saw a huge uptake of the cryptocurrency due to crypto investors’ recent increase in ADA.
- The bullish upswing saw ADA’s price break through the range high at $0.614 and attempt to flip the $0.677 hurdle.
- ADA expects another 52% rise.
Over the past few weeks, there has been much talk about (ADA) in the crypto community. The main reason for ADA’s recent popularity is the upcoming Vasil Hard Fork. Cardano’s continued development during this bear markets is another reason.
Crypto investors have seen a rapid rise in ADA, which has resulted last week in an explosion in the price of the coin, making it one of many altcoins like WAVES and KAVA that surged. In preparation for the next leg, price corrections have been made to these altcoins.
ADA’s price fell below $0.487- $0.614 on May 26, according to a specific analysis. It seems that this is a bullish sign, since the price of ADA rose by an incredible 55% in its previous upswing.
The bullish upswing saw ADA’s price break through the range high at $0.614 and attempt to flip the $0.677 hurdle. Although profit-taking was a constant at this stage, exhaustion and profit taking were both present. However, ADA has begun 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 at 0.54 level Sources: 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. If the barrier is broken, ADA’s price will fall to a low level relative to its midpoint.
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. The information contained in this article shouldn’t be taken as advice. CoinQuora advises its users to research cryptocurrency before making any investment.
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