The Cardano community is witnessing a profitable week after undergoing huge slaughter for nearly 2 months. The ADA price has registered a 15% to 17% jump over the past couple of weeks, possibly preparing for a huge breakout very soon. Just before the Alonzo hard fork in September 2021, the prices flipped the bearish trend and recorded 3 straight bullish weeks. And now when Vasil Hard Fork is approaching, the asset’s 2 straight bullish candles indicate a ‘Dejavu’.
As strength is accumulated with the ADA price, institutional investors appear to have let off other popular tokens for Cardano. Significant growth has been registered in the number of institutional investors who have just opted out of Ethereum & Solana. As per the survey conducted by Coinshares, a drop has been witnessed in the investments done in ETH & SOL, while a massive jump in ADA.
Investments in Ethereum have dropped by 6% and if the trend continues, then the Cardano may even surpass many other prominent assets too. As with ease in the upward pressure, the ADA price still registers itself among the top gainers for the day. And hence the asset is expected to maintain a significant upswing throughout the week ahead.
The Cardano (ADA) price after a significant upswing in the last couple of days of May, dropped heavily squeezing nearly 20% of its value. A huge plunge in the volume was noted which was dominated by bears. And hence it appears that the bulls just remained exhausted after the rise, and quickly jumped into action as the prices dropped notably.
At present, the ADA price in the short term is undergoing a parabolic recovery and could reach the neckline at $0.67 in a couple of days. However, reaching the neckline, the asset may face a minor plunge or correction, testifying to the formation of a ‘Cup n Handle’ pattern. Therefore, once the correction is accomplished, the price could break above the consolidation to reach $0.72 in the coming week.