The price of Cardano remains Bearish because a strong major swing higher has yet to be established. However, there have been signs of improvement in the recent week, with a higher local high and low set. Its (ADA) Price Increased 7 percent post-grayscale addition. Despite the price corrections in ADA, delegation still accounts for more than 70% of the overall supply, while delegated wallets account for more than 57% of total wallets.
The Alonzo smart contract hard fork is currently in its final stages, which will make the blockchain more competitive. In the previous three weeks, the total number of staking addresses has surpassed 6700,00, representing an increase of more than 8% in less than a month, and these addresses have staked their ADA in 2,679 active pools.
Cardano Price Outlook:
In this important support zone, ADA is still witnessing some consolidation. Cardano’s current price is $1.418235. (-1.34 percent in the past 24 hours). For the first time since the cryptocurrency crisis in May, ADA fell below $1.0000 on June 22nd.
While bitcoin searches for a bottom, we may expect ADA to trade in this consolidation zone. If the digital currency maintains its current trend, it may be able to break through the $1.63 barrier level in future trading sessions. It should then extend to a high of $1.6500. Furthermore, if BTC continues to surge, ADA might break through $1.6500 and reach the $1.8500 high set on June 3rd.
Also Read : Bullish Week For Cardano Price, May Test $1.45 Intraday and $1.55 Weekly Close
Following the bullish crossover on July 3, the coin suggested the probability of a bullish trend on the histogram using the MACD indicator.
The price is sitting right on the pivot point at the $1.41 level, and if buying pressure builds up, we can see the price rise all the way to $1.54 where they could encounter resistance. On the other hand, an increase in selling activity could see Cardano’s price tumble to test the support at $1.33.
If bulls can maintain the aforementioned levels in the future and if the current rally sustains, ADA could retake $2 sooner rather than later.