Cardano is a platform for executing smart contracts founded on blockchain technology. Its goal is to compete with existing platforms like Ethereum, Tezos, and EOS by using a more modular and layered protocol powered by an algorithm called Ouroboros.
The cryptocurrency known as Cardano (ADA), which now has a market valuation of $15.53 billion, is ranked seventh. Notably, the market continues to show gloomy indicators, with Bitcoin’s inability to break above $20,000 being the main driver of this trend.
Cardano (ADA) has seen its price rise to $0.4661, a 4.21 percent increase in the last 24 hours. According to the daily chart, the price of ADA will soon return to a level that provides robust support.
Interestingly, Cardano has a relatively solid prognosis as long as the team continues to improve the network, even though the market is now in a bear market. The Vasil Hard Fork is one of the developments that users of the Cardano network are most looking forward to.
Singapore-based exchange Phemex is known for being careful about what it lists to ensure its users have a good time. It recently added ADA to its platform, making the project’s token available to Phemex’s 5 million users.
A closer look at why investors should buy ADA
According to the technical analysis, the price of ADA will resume its upward trend over time. As soon as the price of ADA reaches $0.47, it will become quite obvious that the signal is playing. Also, the entry point will start at this price to move things forward.
On the daily chart for ADA/USDT, a descending triangle has formed, and it is getting closer to the triangle’s apex as the daily candles come closer to it. The base of the current chart pattern has been a powerful and critical support level on the daily chart, as ADA’s price has tested the level multiple times. There was a bounce that occurred after each of these tests.
The top of the triangle is getting closer and closer to the current ADA price; therefore, the bulls may step in to preserve the support level and prevent it from becoming resistant. This will create a brief upside move that has the potential to target the level of the 20 EMA (moving average), which is around $0.49.
The Relative Strength Index (RSI) is in a favorable position for a bullish rebound at the present low, which is the base of the chart pattern. It’s possible that now is a perfect moment to buy ADA. Even if the Relative Strength Index (RSI) line is below the Relative Strength Index Simple Moving Average (RSI SMA), it is more likely to be oversold than overbought. As a consequence of this, bulls are eligible to buy ADA at its current sale price.
During this interim period, ADA price action appears to be consolidating inside the pennant’s range, with a preference favoring bulls in the immediate future. For this reason, it is conceivable that the ADA/USD exchange rate will climb from the uptrend line support of the pennant at $0.46 and reach its resistance at the downtrend line at $0.60. by the end of July.
Cardano’s Vasil Hard Fork Will Change the Bearish Trend
Cardano may get a lift from the imminent “Vasil” hard fork, although the cryptocurrency’s short-term prognosis remains pessimistic. The update, 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 have various implications for the pricing of digital assets in itself. It’s true, as it is with everything else. For this reason, investors always try to guess when the most buzz will be and buy when they think it will be the best time.
It is also anticipated that Vasil would make it less complicated for developers to utilize Cardano. Supporters of the cryptocurrency say that this could even bring projects from other layer-one blockchains, making more people want to buy ADA.
In the days leading up to the Cardano hard forks, the price of ADA has risen in the past. It’s a trend that could help cryptocurrency make a comeback.
The bulls seem to have sufficient force, and it is conceivable for the price to rise to $0.64. The support zone between $0.42 and $0.44 might, however, provide the currency with a bit more upward momentum.
to summarize
The Cardano Foundation, a non-profit organization that works to spread and improve Cardano, and IOHK, a blockchain research and development company founded by Charles Hoskinson and Jeremy Wood, are the three companies supporting the development of Cardano. If you are looking to buy Cardano (ADA), Phemex offers the most competitive price for Cardano, responds to commands in less than a millisecond, has a very intuitive user interface, and offers world-class custody security.
