- Cardano (ADA) has received a lot of attention in the crypto community in recent weeks.
- The upcoming Vasil Hard Fork is the primary cause behind ADA’s rising popularity.
- Cardano’s price is now hovering around the midpoint of the $0.487-$0.614 range.
Cardano (ADA) has received a lot of attention in the crypto community in recent weeks. The forthcoming Vasil Hard Fork is the primary cause behind ADA’s rising popularity. Another factor is the level of development that the Cardano team is doing on during this bear market.
The recent increase in ADA by crypto investors culminated in a spectacular upsurge for the coin last week, placing it among other altcoins that rose, like WAVES, KAVA, and many others. However, these altcoins are currently experiencing a price correction as they prepare for the next leg up.
Looking particularly at ADA, its price did fall below the $0.487 to $0.614 range on May 26. This appears to be a bullish indicator, given the development was preceded by an abrupt upswing that increased its price by an astounding 55%.
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ADA’s price broke past the range high at $0.614 and attempted to flip the $0.677 barrier during the bullish upsurge. Despite the fact that exhaustion and profit-taking went hand in hand at this moment, ADA began its retracement. Cardano’s price is now hovering around the midpoint of the previously mentioned range at $0.551.
ADA’s price is expected to break through the $0.541 barrier it is currently battling and dive deep to retest the closest support level at $0.516. If ADA bounces off of this barrier, it will enter a deep discount mode relative to the midpoint.
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