Most recent White House announcement has placed the spotlight on Cardano as the leading Proof-of-Stake blockchain that’s currently on the market. The announcement of the Vasil upgradingIt aims at improving usability as well as scalability.
Twitter will bring back tweets from investors and traders who are happy to share their ADA knowledge.
“Here is the White House energy report showcasing #CardanoThe largest proof of stake Blockchain in the World. Probably something,” said Dan Gombardello in a recent tweet.
At the day of the announcement, ADA’s price went up 7.43 percent with a high of $0.5243 before stabilizing at the range $0.5215 to $0.4992.
We can see a clear uptrend even before the White House announcement using the regression trend instrument. The uptrend was clearly formed after the August crash.
White House Announcement: Cardano gets some lift
The price of the coin dropped 25.18% during this crash. The $0.4354 support level remained constant. The announcement also saw an increase in trade volumes to 3.63 million.
The announcement and the solid, but slow upward trend further strengthened confidence in the currency.
As the price stabilizes above the Fib level of 50%, which is at $0.4992, trade indicators point to buy signals. Also, the bulls tested the 38.20 fib level that was at $0.5219.
Investing in ADA is a great investment option for investors and traders if the trend continues. CCI 80.20 is a good indicator of traders and investors. It means that although confidence may not be high in the coin, it is still stable.
Stoch RSI is also a sign of a rising buy signal. It is similar to the CCI indicator and indicates that investor sentiment has been slowly increasing.
ADA is Poised for a Bullish Run
With Vasil’s upgrade just around the corner, and Cardano being named the PoS top blockchain by the White House, it could place ADA in a slow but bullish run.
If the price of gold falls for a range of reasons, however, the support at the level of 78.60 Fib must not be lost.
This support line was the one that supported the recent slow uptrend. If this is broken, this can reverse ADA’s upward price movement.
These next days will decide if the coming storm of bulls will continue to push the price higher.
Source: TradingView.com| Source: TradingView.com Featured image from E&E News, Chart from TradingView.com