In a recent tweet, Ali, a crypto analyst, highlighted key support for Cardano, with price eyeing a potential move to $0.53 if sustained.
Alicharts highlights $0.25 as a critical support level for Cardano. Citing his analysis of the Cardano monthly chart, Ali stated that the $0.25 floor had acted as a launchpad for significant rebounds on two instances.
The first was in January 2023 when ADA bounced off the $0.25 level, resulting in an 88.27% rally over the following weeks. The second was in September 2023, when the $0.25 level held as firm support, resulting in a 243% price increase.
Cardano is once again testing the $0.25 support, with traders now watching to see a repeat or rhyme of history with potential to reach $0.53 if validated.
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Ali highlighted Cardano’s potential trajectory to $0.53 if this particular scenario plays out. A move back to $0.36 will eye a secondary macro target at $0.53, Ali stated. However, if Cardano fails to hold $0.25, it would signal a deeper regime change and open the door for a more significant correction.
At the time of writing, ADA was up 5.02% in the last 24 hours to $0.272 and up 11% weekly. Risk appetite spilled deeper into crypto markets as stocks pushed to fresh record highs, lifting altcoins higher.
Friday’s U.S. labor market data contributed to the price increase with the economy adding 115,000 jobs in April, above expectations for 62,000, while the unemployment rate held steady at 4.3%.
Cardano advances Van Rossem hard fork
According to Samuel Leathers, Cardano tech lead, the Daedalus wallet crossed the Van Rossem hard fork on preview with no issues. A new version release, which is fork-ready, is scheduled next week for the mainnet.
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In the week, the Van Rossem Hard Fork governance action was submitted to the Preview test network. Intersect disclosed that the Cardano Preview testnet is currently poised to ratify the hard fork governance action at the next epoch boundary. This gives a tentative timeline of May 8 at 00:00 UTC.
In addition to Cardano Node 11.0.1 Pre-Release, DB-Sync 13.7.0.5 Pre-Release was also launched this week.