Price Analysis

Cardano Surges Beyond 25% Securing its Place in Top 3 Gainers Along with Waves (WAVES) & Axie Infinity (AXS)! Is This a ‘Dejavu’ Moment?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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May 31, 2022

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Highlights

    Cardano, interestingly surged more than 25% and still counting to secure its positions above $0.65 while WAVES & AXS attain 58% & 25.5% jump respectively

    The ADA price is showcasing a similar price action that it underwent just before the launch of the Alonzo Hard Fork

In a surprising price action, the unexpected asset showcased its strength and surge high while Bitcoin & Ethereum struggle to sustain the gained levels. Cardano (ADA) price managed to jump by more than 25% since the previous day’s close to reach out above $0.65. While the top gainers is led by Waves (WAVES) by nearly 58.12% and Axie Infinity (AXS) by 25.54%

Cardano (ADA) 

Cardano price ever since re-tested the lower support at $0.45, the second time in the month, appears to have received a strong boost to propel high. And hence the asset is currently recording the second consecutive green candles with more than a 15% jump each. And moreover, the upswing is now expected to continue as the Vasil Hard Fork is just a month away. 

The ADA price after flipping from the lower support at 0 FIB levels around $0.455, managed to lay down a strong uptrend to hit 0.3 FIB levels, slicing through 0.23 FIB levels. Currently, a minor bearish action is evident just above 0.38 FIB levels and hence the pace appears to be lowered. However, gaining significant bullish momentum, the next target to be achieved could be around $0.735 at 0.61 FIB levels. 

Waves (WAVES) 

The Waves price after it reached the highs close to $64 dropped heavily and began trading within a descending parallel channel. Further, dropped hard and began trading in yet another descending parallel channel to hit $4.42. However, since the previous day, the asset received a huge influx of liquidity that elevated the price high. 

As mentioned earlier, the price consolidated within a parallel channel and broke out finely to reach out the immediate resistance levels. However, the prices currently are consolidating within narrow ranges that may eventually result in a slight pullback followed by a huge breakout. The price may regain the double-digit levels initially and later achieve levels at $14. 

Axie Infinity (AXS) 

The Axie Infinity price on the other hand underwent a diverse trend and traded into a falling wedge. The price as an outcome did manage to rise above the pattern, breaking the resistance levels. 

The AXS price could undergo a re-test back to the resistance levels below $20 again before igniting a strong upswing towards the specified target. Further, an upswing trajectory could uplift the price towards $50 in the upcoming days. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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