• Cardano price has managed to bounce off the 8-day EMA, hinting at a potential rally.
  • Investors can expect ADA to trigger a 24% ascent to $0.628.
  • A daily candlestick close below $0.435 will invalidate the bullish thesis.

Cardano price seems to be preparing for massive gains as Vasil hard fork takes one step closer to becoming a reality. In a recent Twitter thread, IOHK, the developers behind Cardano announced the launch of Cardano node 1.35.0 on June 25.

Vasil hard fork back on track

This deployment will serve as the final candidate for launching the much-anticipated Vasil hard fork. As mentioned in previous articles, this upgrade will improve the blockchain’s scaling and other facets like the Plutus smart contract language for dApp developers. Additionally, it will also reduce the latency of block transmission.

The newly launched node includes updates like being code complete on all the core Cardano software. Further, the testing on the new Plutus v2 code has been “successful, and delivered very positive results in terms of performance and improved cost.”

Moreover, the aforementioned thread also quashes rumors of delays that were floating on Twitter last week by informing the concerned parties of an upcoming testnet.

Cardano price on the brink of a rally

Cardano price is stuck trading between converging 8-day, 34-day and 50-day Exponential Moving Averages (EMA). As ADA consolidates due to the pressure of these hurdles and resistance barriers, investors can expect the volatility to dry up.

Eventually, however, a breakout will lead to an explosive move in Cardano price. Depending on the momentum of the rally, ADA could overcome the 34-day EMA and the $0.550 resistance level. This is the first blockade that is crucial to breach in the upswing.

A swift flip of this hurdle into a support floor will open the doors for ADA bulls to ride this wave to the next level at $0.571 aka the 50-day EMA. This is likely where exhaustion will set in for bulls, but if buyers step in and do not book profits, Cardano price could climb higher and retest the $0.628 blockade.

In total, this move would constitute a 24% gain from the current position at $0.505.

ADA/USDT 1-day chart

ADA/USDT 1-day chart

On the other hand, if Cardano price faces selling pressure at $0.550 due to investors booking profits, it will indicate that the buying pressure is insufficient. In such a case, if ADA crashes lower and produces a daily candlestick close below the $0.435 support level, it will invalidate the bullish thesis.

This development could further see Cardano price crash 12% and revisit the $0.380 support barrier.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Crypto bloodbath: $325 billion market cap vanishes amid selling pressure

Crypto bloodbath: $325 billion market cap vanishes amid selling pressure

The Kobeissi Letter reports on Tuesday a $325 billion wipeout in the crypto market capitalization since Friday. Additionally, Bloomberg reports that Citadel Securities, a firm with $65 billion in assets, is exploring a role as a Bitcoin and crypto liquidity provider.

More Cryptocurrencies News
Bitcoin edges below $90,000, ending its long streak of consolidation

Bitcoin edges below $90,000, ending its long streak of consolidation

Bitcoin (BTC) continues to trade in red, reaching a low of $88,200 during Tuesday’s early Europen trading session and hitting the lowest level since mid-November after falling 4.89% the previous day.

More Bitcoin News
Shiba Inu holders unload 61.5 billion tokens in the last ten days

Shiba Inu holders unload 61.5 billion tokens in the last ten days

Shiba Inu price hovers around $0.000013 on Tuesday after dropping nearly 12% the previous day. Supply Distribution data shows that whale wallets have decreased SHIB holdings in the last ten days.

More Shiba Inu News
XRP eyes further downside as Trump to implement tariffs on Mexico, Canada, in March

XRP eyes further downside as Trump to implement tariffs on Mexico, Canada, in March

Ripple's XRP joined the wider crypto market decline, plunging nearly 10% on Monday following President Donald Trump reiterating that the US will kick off tariffs on Mexico and Canada.

More Ripple News
Bitcoin: BTC demand and liquidity conditions remain weak

Bitcoin: BTC demand and liquidity conditions remain weak

Bitcoin price has been consolidating between $94,000 and $100,000 since early February, hovering around $98,000 at the time of writing on Friday. Despite this consolidation, US Bitcoin spot ETFs data recorded a total net outflow of $489.60 million until Thursday, hinting signs of weakness among institutional investors. 

Read full analysis
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

BTC

ETH

XRP