Cardano (ADA) Getting Ready For a Bullish Breakout Soon?
Aiswarya Gopan • 1 min read
Cardano (ADA) looks set to go on a bull run in the immediate future, following several days of indecision among traders which saw its price trade range-bound and consolidate under key levels. At the time of writing, ADA/USD is trading around $1.45.
Several promising fundamental developments are supporting the bullish bias in this cryptocurrency. Last week, IOHK – the firm behind the development of the Cardano blockchain network, reached an agreement with the Ethiopian government to launch the country’s biggest blockchain project so far, creating an identification system for students and teachers on the Cardano network.
This week, ADA traders got one more bit of good news in the form of leading crypto exchange Kraken offering support for staking of the digital token on its platform. Starting late Tuesday, customers can now access the ADA staking option from their Kraken Staking Wallets with offerings ranging from 4% to 6%.
On the technical front, analysis of ADA/USD’s 4 hour chart reveals a strong uptrend forming over the past several weeks. The MACD and Momentum indicators point to a bullish bias in Cardano, with the next resistance level sitting at $1.60. A break above this level can strengthen the bullish momentum further but if buyers are unable to break past this level, ADA’s price can drop down to $1.29 and possibly even lower.