A bullish trigger is desperately needed for Cardano. (ADA) is up 2.62 percent in the last 24 hours, trading at $1.367, and seeking that little bit of momentum to take it to or beyond $1.40. Cardano’s price may be building up momentum in preparation for the next big move. Anyhow In its attempt to regain upside momentum, its price is encountering strong obstacles.
It could be a good time to open a new position with goals at $1.37, $1.40, and $1.45 if the price continues to squeeze and breaches the upper bound as resistance and then tests it as support. However, massive selling congestion continues to stifle advances that are aiming towards $1.4.
Bulls have the upper hand, with the Relative Strength Index (RSI) above 50 and trending with a bullish divergence. In the event of a positive continuation, ADA might gain over 9% in the following two days, aiming for $1.50.
ADA appears to be on the verge of a breakout in the next few days. We could witness a big increase in the price of ADA above $1.50 anytime between now and the last week of July. It’s overdue, given the recent accumulation and the impending hardfork. A wide range of Defi apps can be deployed on the Cardano network once smart contract capability is enabled.
On the brighter side the total amount invested in the Cardano (ADA) network has surpassed $31 billion. More than 50,000 staking addresses have joined Cardano in the previous few weeks, bringing the total number of ADA staking addresses to over 660,000. There are 671,254 active addresses, 2669 active pools, and 71 percent of the total Cardano supply is in staking.