Cardano Price Prediction: ADA Bulls Target $0.67-69 Now That $0.55 Resistance Has Been Broken
- Cardano broke above key resistance at the $0.55 level on Saturday.
- The latest bullish break opens the door to ADA to run higher towards the $0.67-69 area.
- Cardano developers continue to make progress towards the so-called Vasil hard fork upgrade.
Cardano Price Prediction: ADA Breaks Above $0.55 Resistance, Opening Door to Further Upside
ADA, the native token that powers the Cardano blockchain broke above a key area of short-term resistance on Saturday, opening the door for significant further upside in the next few days/weeks, so long as the bulls can remain in control. ADA/USD broke above the $0.55 level on Saturday, reaching nearly as high as the $0.57 mark in earlier trade.
At current levels just below $0.56, the cryptocurrency is trading with gains of over 3.0% on the day and more than 7.0% in the last 24 hours, according to CoinMarketCap. $0.55 had been acting as a ceiling for the last few weeks, with technicians arguing that Cardano had formed an ascending triangle.
ADA now seems to have broken to the north of this ascending triangle pattern, opening the door to significant further gains in the short-term, with bulls now likely to target a test of the next major area of resistance in the $0.67-0.69 area. With ADA having been supported by an uptrend since mid-July, as well as by its 21-Day Moving Average (currently around $0.5150), dips in the cryptocurrency are likely to be bought for the foreseeable future.
IOG Gives Update on Vasil Hard Fork Progress
The company behind the development of the Cardano blockchain Input Output Global (IOG) gave an update on Friday as to its progress towards the implementation of the highly anticipated Vasil hard fork upgrade. According to the tweet, “the whole dev and SPO community… continue to work hard preparing for the Vasil upgrade,” which will bring “multiple enhancements” to the Cardano blockchain.
Here’s a quick recap of where we’re at and what you can expect…👇
— Input Output (@InputOutputHK) August 12, 2022
“The Vasil upgrade is the most ambitious program of work we’ve undertaken,” Input Output Global said, adding that “none of this would have been possible without the community’s support… it’s been a real team effort”.
Cardano influencer Twitter account @cardano_whale also posted a threat updating on the blockchain’s progress. At the end of it, they said “TLDR it’s coming, chill out lol”.
TLDR it’s coming, chill out lol
— ADA whale (@cardano_whale) August 12, 2022
IOG Partners with The Giving Block to Support Ukraine Relief Efforts
The company behind the development of the Cardano blockchain Input Output Global (IOG) has partnered with a charitable organization called The Giving Block in order to allow ADA token owners to donate their tokens to support relief efforts in Ukraine.
We've partnered with @TheGivingBlock to allow #ADA holders to donate to charities in the Ukraine Emergency Response Fund, ensuring vital funds reach organisations working on the ground. Head to the donation page if you want to help this important cause https://t.co/ELKf4mBbpV
— Input Output Media (@IOHKMedia) August 10, 2022