Last week, the recent spike in ADA by crypto investors culminated in an extraordinary surge for the coin.
The ADA price rose over the $0.614 high, attempting to retest the $0.677 barrier.
ADA is on track for another 52 percent increase.
Cardano (ADA) has received a lot of attention in the crypto community in recent weeks. The imminent Vasil hard fork is the primary cause for ADA's recent popularity. Other considerations include the Cardano team's degree of development during this bear market.
The recent spike in ADA by crypto investors resulted in an incredible surge for the coin last week, placing it alongside other altcoins like WAVES, KAVA, and many others. However, these altcoins are currently experiencing a price correction in order to prepare for the next phase.
On May 26, the price of ADA dropped below the $0.487 to $0.614 range. This appears to be a bullish indicator, given the development was preceded by an enormous price surge of an astounding 55%.
The ADA price rose over the $0.614 high, attempting to retest the $0.677 barrier. Despite the fact that weariness and profiteering were going hand in hand at the time, ADA began its retracement. Cardano's price has now settled towards the midpoint of the mentioned range at $0.551 in an attempt to establish a stable level.
Investors should expect the ADA price to break through the $0.541 barrier it is now battling and plunge further to retest the nearest support at $0.516. If ADA bounces off this barrier, it will be placed in a deep discount mode relative to the midpoint.
A new increase in buying demand might spark another shift, pushing the ADA price up by 52 percent to a lower range of $0.785 to $0.90.
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