Cardano (ADA) gains above 10% in the latest uptrend

Cardano just broke above the 10% level.

Some of Ethereum’s largest projects are now preparing to migrate to Cardano’s blockchain, as the developer community builds on a higher-level programming language and increases the scope of research on its protocol.

Summary of the situation

  • Cardano reached an all-time high of $2.46 in May; what can we expect in June?
  • Cardano and Ethereum maintained their stability and moderate bullish momentum over the weekend.

Cardano price forecast: Price Overview

The month of May came to a close and proved to be one of the most remarkable months for Cardano (ADA). It was this month that Cardano reached an all-time high of $2.46.  The 5-day chart shows a descending triangle that rallied on Monday after falling over the weekend. Analysts attribute last weekend’s recent downward trend to a group of banks in the UK announcing a crackdown on cryptocurrency activity. However, Cardano and Ethereum have maintained their stability and moderate upward momentum even though the broader crypto-currency market is in a downward cycle. Cardano, up more than 12% on Monday and at least 6.5% last week.  The ADA price action has left most traders wondering if the market is in a recovery phase, preparing for a downturn or another price correction that will take altcoins to new all-time highs. Another reason to doubt the current market could be the result of the 4 days of price stability that took place from Tuesday to Saturday of last week. According to some analysts, this action has laid the groundwork for strong support that will lead Cardano to its next rise. Apart from USDT, all the top 10 cryptocurrencies in terms of market cap rose between 7% and 20% in yesterday’s daily chart. The price reversal has led to an exponential increase in the total capitalization of the cryptocurrency market by more than $150 billion. Overall market sentiment over the weekend was uncertain – there were strong rejections and reversals across the market. At the time of writing, market sentiment has turned positive after ADA moved from Monday’s intraday low ($1.51) to today’s (Tuesday) intraday high ($1.77).

Cardano price movement in the last 24 hours

Cardano opened the daily and June charts with an uptrend that makes bulls optimistic about what is to come.  It rose from $1.72 to $1.76 before falling back to around $1.69 in the early hours of the morning. Meanwhile, ADA has recovered from its downward correction and is currently trading at $1.71. Source: Tradeview

Cardano price movement in 24 hours chart

Source: Tradeview word-image-887 On the hourly chart, ADA bulls are consolidating their momentum on support around $1.73 and trying to break through the 50% FIB breakout level from the 4-week high at $1.75. However, there are signs of weakness, as the uptrend has already been pushed aside at $1.74 and a long red candle has already formed with a bottom at $1.72.

Supplement

The cryptocurrency market is under increasing pressure from regulators around the world. Nigeria has started banning crypto-currency exchanges and trading activities because of #EndSars. As a result, Binance delisted the naira. A regulatory crackdown on crypto trading and mining in China followed. Now a group of financial institutions are considering restrictions on cryptocurrencies in the UK. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.

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