Exploring the Possibility of a 40% Price Upswing for Cardano

Cardano’s (ADA) price is currently in a position favorable for the bulls and more short-term traders as there is a possibility of a rally in the cards for ADA. It is expected that a minor retracement will follow which could allow interested buyers the chance to accumulate ADA at a much lower price before catalyzing an explosive uptrend.

Currently, Cardano’s price set a range between $0.487 and $0.614, as it rallied by 25% between May 14 and 16. Since then, ADA has not made a move to sweep either of the ranges.

ADA investors can also expect a sweep of the $0.487 level, which could be the first indication of accumulation. This will be confirmed after a recovery above this level, which is where traders can move into a long position.

After this recovery, the price will see an explosive move to around $0.614, where a possible local top can form. It could also be possible for ADA to extend to the next hurdle at $0.677.

When looking at the big picture, this move could amount to a 39% gain.

The Ethereum-killer is currently in the 8th position on CoinMarketCap’s list in terms of market cap, right behind Binance USD (BUSD) and in front of Solana (SOL).

ADA’s price currently stands at $0.5308, or 0.00001756 BTC, after a 3.48% increase over the last 24 hours.

Cardano also saw a 24-hour trading volume of around $839,917,627 which is down by 19.72% from yesterday’s figures.

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.