Cardano (ADA) Continues to Head North Ahead of the Vasil Hard Fork

Key Insights:

• On Tuesday, Cardano (ADA) consolidated Monday’s 7.34% rally with a 0.82% gain to end the day at $0.6135.
• Investor sentiment towards the up-and-coming Vasil hard fork continued to deliver support after last week’s breakout.
• Key technical indicators are bullish. ADA sits above the 200-day EMA.

On Tuesday, Cardano (ADA) rose by 0.82%. Following a 7.34% rally from Monday. ADA ended the day at $0.6135.

A choppy start to the session saw ADA slide to an early morning low of $0.5710 before finding support.

Steering clear of the First Major Support Level at $0.5671, ADA surged to a day high of $0.6446.

Coming within range of the first major Resistance Level at $0.6475, ADA slipped back to end the day at $0.61 levels.

Crypto Investors Continue to Snap Up ADA ahead of the Vasil Hard Fork

Following the crypto market slump on May 12, investor appetite has improved, with dip buyers delivering much-needed support.

Recovering from a May 12 current-year low of $0.3919, ADA bounced back to end the day at $0.6135.

Anticipation ahead of the Vasil hard fork, scheduled on June 29, continues to derive demand for ADA.

Scaling remains an issue for the crypto majors. For Cardano, the hard fork will implement features such as pipelining, intended to enhance block diffusion, which can lead to better scaling.

Other positive drivers for ADA include Cardano Improvement Proposals (CIPs), which are new network features designed to improve the network.

If that isn’t enough, Martin Lawrence announced his Cardano arrival to support the NFT-MAKER.IO that makes NFTs accessible to the Cardano community.

ADA Price Action

At the time of writing, ADA was up 3.55% to $0.6353.

A mixed start to the day saw ADA fall to an early morning low of $0.6084 before striking a morning high of $0.6571.

ADA broke through the First Major Resistance Level at $0.6484 before easing back to sub-$0.64.

Technical Indicators

ADA will need to avoid the $0.6097 pivot to retarget the First Major Resistance Level at $0.6484.

ADA would need broader crypto market support to return to $0.64 levels.

In the event of another extended rally, ADA should test the Second Major Resistance Level at $0.6834 and resistance at $0.70.

A fall through the $0.6097 pivot would bring the First Major Support Level at $0.5748 into play.

Barring an extended sell-off throughout the day, ADA should avoid sub-$0.57. The Second Major Support Level sits at $0.5361.

The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. At the time of writing, ADA sits above the 200-day EMA, currently at $0.6064. This morning, the 50-day EMA pulled away from the 100-day EMA. The 100-day EMA narrowed to the 200-day EMA; ADA positive.

A hold above the 200-day EMA would support a run at $0.70.