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The recent White House announcement has placed the spotlight on Cardano as the leading Proof-of-Stake blockchain that’s currently on the market. This recent news follows the announcement of the Vasil upgrade which aims to improve usability and scalability.
A simple Twitter search of ADA will result with tweets of happy and confident traders and investors.
“Here is the White House energy report showcasing #Cardano as the largest proof of stake blockchain in the world. Probably something,” said Dan Gombardello in a recent tweet.
Chart: TradingView.com
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.
Using the regression trend tool, we can clearly see an uptrend forming even several days before the White House announcement. This uptrend formed clearly after the recent crash in the early half of August.
Chart: TradingView.com
Cardano Gets Some Lift From White House Announcement
During this crash, the coin experienced a 25.18 percent drop in price. It continued stabilizing at the $0.4354 support line. Trade volumes have also risen since the announcement at 3.63 million.
This solid but slow uptrend coupled by the announcement further solidified confidence in the coin.
Trade indicators also point to buy signals as the price further stabilizes at the 50% percent Fib level which sits at the $0.4992 range. The bulls have also tested the 38.20 Fib level which sat at $0.5219 range.
If the uptrend continues, investing in ADA will be very beneficial to traders and investors. As of this writing, the CCI 80.20 level says a lot about the investors and traders. This means that confidence in the coin might not be very high, but it is stable.
Stoch RSI also points to a rising buy signal. Just like the CCI indicator, it means investor sentiment is slowly rising.
ADA Poised For A Bullish Run
With the Vasil upgrade around the corner and the White House placing Cardano as the top PoS blockchain, it might place ADA on a slow, bullish run.
But if the price falls because of a variety of reasons, the crucial support at the 78.60 Fib level should not be broken.
This line has been the support range that backed the slow uptrend in the past few weeks. If this is broken, this can reverse ADA’s upward price movement.
The next few days will determine if the gathering storm of the bulls will further push the price up.
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
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Image and article originally from www.newsbtc.com. Read the original article here.