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Cardano (ADA), the eighth largest cryptocurrency by market capitalization, might be poised for a 25% gain from its current prices if bulls advance the current rebound to the next key barrier at $0.313.
Cardano has been steadily rising since hitting lows of $0.243 on Oct. 13, with the price reaching intraday highs of $0.257 at press time.
Cardano may be on course to post four straight days in the green, with today's advance being the biggest. ADA is currently trading at $0.257, up 4.51% in the last 24 hours.
Tomiwabold OlajideOn the upside, Cardano faces the next barrier in the $0.27–$0.28 range. If bulls take out these key levels, ADA might aim for the $0.313 level next, aiming for a 25% gain.
The crypto market is recovering from the previous week's sell-off, and ADA is benefiting from the market's current positive outlook.
Despite the recent price increase, Cardano is still trading in a range, with resistance at $0.279 and support at $0.237.
As previously reported, crypto analyst Ali drew parallels between Cardano's present consolidation and the 2018-2020 phase. Ali set a target of $6 if Cardano breaks out of its consolidation phase.
On the other hand, if the bears return and the price falls below $0.237, it might pave the way for a drop below $0.22 and, finally, $0.20.
Cardano advances with new releases
According to Cardano's Input Output Global's most recent weekly update, the Lace wallet saw the release of Lace v.1.6, which allows users to tailor their multistaking ratios, among other improvements.
The Hydra team released version 0.13.0, which features state persistency improvements and additions, as well as the ability to design a commit transaction using inline datums. In addition, the first version of the network resilience layer was delivered, which considerably increased head availability.
Alex Dovbnya
Vladislav Sopov
Dan Burgin