Recent white House The announcement has put the spotlight on Cardano as the leading proof-of-stake blockchain that is currently on the market. This is after the announcement of the recent news Vasil Upgrade Which aims to improve usability and scalability.
A simple Twitter search for ADA will result in tweets from happy and confident traders and investors.
“Here’s Showing the White House Energy Report #cardano As the largest proof of stake blockchain in the world. Maybe something,” Dan Gombardello said in a recent tweet.
On the day of the announcement, ADA price rose 7.43 percent to a high of $0.5243 before stabilizing in the $0.5215 to $0.4992 range.
Using the regression trend tool, we can clearly see an uptrend even several days before the White House announcement. This uptrend clearly formed after the recent crash in early August.
Cardano gets some relief from White House announcement
During this crash, the coin experienced a 25.18 percent drop in price. It remained stable at the $0.4354 support line. The trading volume has also increased since the announcement of 3.63 million.
This solid but slow upward trend coupled with the announcement further strengthened confidence in the coin.
The trade indicator is also a buy signal as the price stabilizes at the 50% percent Fibonacci level which sits at the $0.4992 range. The bulls also tested the 38.20 Fibonacci level, which is in the $0.5219 range.
If the uptrend continues, investing in ADA will be highly beneficial for traders and investors. At the time of this writing, the CCI 80.20 level says a lot about investors and traders alike. This means that the trust in the coin may not be very high, but it is stable.
Stoch RSI is also pointing to a rising buy signal. Like the CCI indicator, this means that investor sentiment is gradually increasing.
ADA ready to race fast
As Vassil upgrades around the corner and the White House positions Cardano as the top PoS blockchain, it could keep ADA on the slower, faster run.
But if the price declines due to multiple reasons, the crucial support at the 78.60 Fibonacci level should not be broken.
This line has been a support range supporting the slowing uptrend over the past few weeks. If this breaks out, it could reverse the price movement of ADA upwards.
The next few days will determine whether the gathering of bulls will push the prices further.
ADA total market cap at $17.3 billion on the daily chart | Source: TradingView.com Featured image from E&E News, Chart from TradingView.com
Credit : www.newsbtc.com