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  • Thu. Aug 18th, 2022

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

ByNdasi Tata

Jul 30, 2022
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1655199802363 c15a1a32 1095 42b2 9d59 b4136acf0e31

  • 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

1659132903041 02b51362 eafc 43f2 a0f9 109eedb22acbSource – 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.

The post Is Cardano set for an explosive move as key breakout gets underway? appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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