HomeLatest NewsIs Cardano set for an explosive move as key breakout gets underway?

Is Cardano set for an explosive move as key breakout gets underway?

Motiur Rahman
  • Cardano’s Vasil upgrade remains on course amid delays

  • Investors have been snapping ADA ahead of the final mainnet launch

  • The token eyes a key breakout as the price turns bullish

Cardano ADA/USD investors are anxious. The much-publicized Vasil upgrade on the mainnet remains on course. The Vasil upgrade was already deployed on the Cardano testnet in early July. That strengthened the expectations that the final upgrade was well on course. While the final deployment was expected at the end of July, the Vasil upgrade has been delayed. The Cardano team is still optimistic of the final upgrade in the next few weeks.

The fear of missing out or FOMO is very real. Investors are scrambling for the slightest opportunity in the market. ADA remains those tokens investors remain keen on. That, of course, is due to the anticipated upgrade, which will improve the scalability of the network. There are high expectations that the price of ADA will skyrocket once the upgrade occurs. As a result, whale accumulation has been ongoing.

Cardano eyes a breakout at key $0.52 resistance as price pumps

Source – TradingView

While the Vasil upgrade remains on the to-do list, the price of ADA is pumping. This time, the token is eyeing a breakout of the key level at $0.52. The token already trades at $0.539. We can’t say with sufficiency that the breakout has occurred. We need to wait for the closure of the daily candlestick to ascertain that.

A breakout will be confirmed if the candlestick closes above the resistance zone. If the candlestick closes below the resistance, Cardano will enter another moment of consolidation. For now, we remain watchful, minding that the moving averages and MACD indicators are bullish.

Summary

Cardano is eyeing a break above $0.52. FOMO and improved crypto sentiment are boosting the token. Investors should buy on a breakout above $0.52. The next resistance is at $0.65.

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