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The Cardano price shows an interesting set-up while trying to rise above an important support level. It is possible that from this mark the ADA may begin an upward rally.
This is facilitated by the future hard fork Vasil, the debut of which is scheduled for June. This is an update that will expand the capabilities of Cardano smart contracts and the Plutus smart contract platform.
Right now, Cardano’s price is facing tremendous pressure from sellers and is approaching the midpoint of the $0.487 to $0.614 range at $0.556. A pullback from this barrier could lead to a breakout of the low range at $0.487.
Assuming that this slight downtrend occurs, it will be a signal of market manipulation by sophisticated investors. This move is likely to be followed by a quick reversal to the range’s high at $0.614.
This means a 25% increase and will be the point where a local vertex can form. However, if buyers continue to open positions, the rally could last to $0.677, bringing the overall gain to 40%.
Support the bullish thesis on the ADA accumulation of cryptokites owning from 100,000 to 1,000,000 tokens. This category of holders increased their assets from 20,562 to 20,637, representing a jump of 0.33%.
Despite the optimism that cardano’s price dynamics inspire, if in the short term sellers target bitcoin, there is a high probability that the ADA will follow it.
If the ADA closes the four-hour candle below $0.471, it nullifies the bullish thesis, creating a lower low. The move will open up the ability for sellers to bring down ADA by 15% to $0.397.
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