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Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
Cardano

Cardano On White House Crosshair Can Push ADA Up This Route

Christian Encila by Christian Encila
5 months ago
in Cryptocurrency news
Reading Time: 3 mins read
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The recent White House announcement has placed the spotlight on Cardano as the leading Proof-of-Stake blockchain that’s currently on the market. This recent news follows the announcement of the Vasil upgrade which aims to improve usability and scalability. 

A simple Twitter search of ADA will result with tweets of happy and confident traders and investors. 

“Here is the White House energy report showcasing #Cardano as the largest proof of stake blockchain in the world. Probably something,” said Dan Gombardello in a recent tweet. 

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Chart: TradingView.com

At the day of the announcement, ADA’s price went up 7.43 percent with a high of $0.5243 before stabilizing at the range $0.5215 to $0.4992. 

Using the regression trend tool, we can clearly see an uptrend forming even several days before the White House announcement. This uptrend formed clearly after the recent crash in the early half of August.

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Chart: TradingView.com

Cardano Gets Some Lift From White House Announcement

During this crash, the coin experienced a 25.18 percent drop in price. It continued stabilizing at the $0.4354 support line. Trade volumes have also risen since the announcement at 3.63 million. 

This solid but slow uptrend coupled by the announcement further solidified confidence in the coin.

Trade indicators also point to buy signals as the price further stabilizes at the 50% percent Fib level which sits at the $0.4992 range. The bulls have also tested the 38.20 Fib level which sat at $0.5219 range. 

If the uptrend continues, investing in ADA will be very beneficial to traders and investors. As of this writing, the CCI 80.20 level says a lot about the investors and traders. This means that confidence in the coin might not be very high, but it is stable.

Stoch RSI also points to a rising buy signal. Just like the CCI indicator, it means investor sentiment is slowly rising. 

Related Reading: XRP Bulls Charge Hard To Pull Prices Up Past $0.34 After A Dismal August

ADA Poised For A Bullish Run

With the Vasil upgrade around the corner and the White House placing Cardano as the top PoS blockchain, it might place ADA on a slow, bullish run. 

But if the price falls because of a variety of reasons, the crucial support at the 78.60 Fib level should not be broken.

This line has been the support range that backed the slow uptrend in the past few weeks. If this is broken, this can reverse ADA’s upward price movement. 

The next few days will determine if the gathering storm of the bulls will further push the price up. 

Related Reading: Ethereum (ETH) Price Tries To Breach $1,800 Resistance, Guns For $2,000

ADA total market cap at $17.3 billion on the daily chart | Source: TradingView.com

Featured image from E&E News, Chart from TradingView.com
Tags: adausdbtcusdBull MarketCardanoCryptoNewsTags: $ADAVasil upgrade
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Christian Encila

Christian Encila

Freelance writing is Christian's other cup of tea. When not on his computer, he unwinds with a bottle of beer and laughs with his son over cartoons. Other than that, he's just like everybody else who wants to be happy with their life.

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