Bitcoin price has risen beyond $60,000 for the first time in 5 months. The star crypto by trading volume surged by more than 10.67% over the last week. On the other hand, Cardano Price is trading within the tight range, manifesting a major move soon. Once the dominance of the most valued asset starts to depreciate below 40, the trader’s attention could immediately shift to ADA.
Cardano’s New Scaling Solution Underway!
Cardano’s Alonzo hard fork upgrade enabled smart contracts to be built and deployed on the network’s mainnet. The ecosystem is now envisaging for the next phase of the upgrade called Basho! This will focus on integrating scalability, interoperability, and optimization. One of the key expansions of the upgrade will be the addition of the new blockchains that are interoperable with the main Cardano chain.
Meanwhile, popular crypto trader ADA whale mentioned that the Basho upgrade has the potential to act as a major catalyst for the price action in the days to come. The team is working on more in this era of roadmap and is expected to announce the launch soon.
Cardano Price Consolidation to Turn into an Uptrend!
By looking at the one-day chart, Cardano is attempting to break a symmetrical triangle pattern. Currently, the asset is trading at a crucial support level, breakdown could take down the price to $1.6 to $1.8 support levels. If the altcoin breaks out of this long consolidation around $2.178, then it could lift the price beyond the previous ATH of $3. On the other hand, RSI indicating a strong consolidation phase. The value stands at 44 indicating an equal fight between buyers and sellers.
Moreover, the popular crypto platform Crypto capital venture predicted possible price action for Cardano. According to this, the asset is now replicating the pattern that was back in April 2021. In the six-hour daily chart shown, it was indicated that the altcoin is trading within the very tight range of 20-day moving average. The digital coin could gain significant profits if it breaks out of this level. Addressing to approaching Basho upgrade, the platform further added, the asset could also outperform Bitcoin and Ethereum in the upcoming days.