ADA Spikes Toward $0.65 After a Successive Bullish Streak

According to reports, Cardano, which is among the ten-largest cryptocurrency by market capitalization, is on the cusp of a major rally. Crypto analyst Dan Gambardello posted earlier today stating that Cardano was edging closer to a massive rally.

#Cardano edges closer to massive rally$ADAhttps://t.co/nACDUkWD5B

— Dan Gambardello (@cryptorecruitr) June 6, 2022

This rally comes after a period of stability and consolidation for Cardano. In the past few weeks, the price of ADA hovered near the $1 mark, with varying volatility.

According to CoinMarketCap, the popular cryptocurrency has been on a surge in recent hours. Data shows that Cardano is currently trading at $0.63, up 11.67% in the last 24 hours. Some analysts, however, believe Cardano is poised for even more gains.

A tweet by data science company IntoThe Block earlier this year claimed that institutional investment was coming to Cardano. This could be any of the causes of the increased transaction volumes experienced lately.

Looking at the technicals, Cardano has been one of the better-performing cryptocurrencies this year, even though it fell from its all-time high of $3 in September 2021.

As observed in the Cardano price analysis, the Cardano price forecast for today projects an increase in value. The analyst says that the uptrend can be seen on the price charts. Reportedly, the price is expected to face minor support between $0.55 and $0.60; and a breakout above the $0.62 resistance would confirm an uptrend.

Cardano`s current CoinMarketCap ranking is sixth, with a live market capitalization of $20,900,539,523 USD. It has a circulating supply of $32,973,354,646 ADA with a max supply of 45,000,000,000 ADA and a 24-hour trading volume of $669,513,036 USD at the time of writing.

There are reports that Gambardello’s tweet might have given the price an extra push. However, it is worth noting that the Cardano project has been strengthening in recent hours.