Market Surge Might Bring Bullish Ride for ADA Above $0.54 Level By CoinQuora

Market Surge Might Bring Bullish Ride for ADA Above $ 0.54 Level
  • shows trendline support and a price of $ 0.5006.
  • The coin must at least target a $ 0.54 resistance level for a higher surge.
  • Dan Gambardello indicates a bullish stint for Cardano.

In the context of the global crypto market surge, Cardano (ADA) shows an uptick in the form of a trendline. ADA hovers at $ 0.5006 and surges by 2.67% in the past 24 hours. The coin shows a 1.13% hike in the past week.

ADA / USDT- 1-Day Trading Chart (SOurce: TradingView)

Diving into the price analysis, ADA has been following trendline support for the past three days. The 0.54 resistance level is a challenge for the coin because if the coin breaks this level, it might move higher. If this happens, the coin is expected to reach another resistance of $ 0.66.

ADA has been trading low since the market downtrend in the first week of May. The price of the coin shows an over 44% dip since this market crash. While looking at another downtrend, ADA fell by nearly 68.93% from January 18, 2022, till today.

Moreover, the relative strength index of ADA is over 45, indicating that some traders have bought the coin. But the RSI remains close to the “oversold stage”.

Meanwhile, Dan Gambardello, the founder of Crypto Capital Venture, tweeted that Cardano is expected for the next bullish stint that will exceed the general expectations. He also added the price increase will shock every person who has not been paying attention to Cardano.

In another tweet, Gambardello remarked that the market might enter the bull stage after some time, saying, “I’m patient.” Also, he supportively said that the delay of the Cardano Vasil upgrade is due to the purpose of testing and not because of the engineering team stumbling around trying to find answers.

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.

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