ADA’s Price Is in an Ideal Situation After a Slight 24-Hour Gain

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• ADA’s price has risen 0.73% over the last 24 hours to trade at $0.3707.
• Despite the 24-hour gain, ADA is still down 6.47% for the last week.
• A successful challenge of the current resistance level will see ADA’s price rise by double digits.

Following the release of the Vasil hard fork upgrade last month, the price of the Cardano network’s native token, ADA, is trading at $0.3707 after a 24-hour increase of 0.73% according to CoinMarketCap. However, the price of ADA is still down 6.47% over the last 7 days at press time.

ADA was able to post a daily high at $0.3753, with its 24-hour low at $0.3674. Compared to the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), ADA has weakened against both of the two leaders by 0.89% and 1.36% respectively.

Daily chart for ADA/USDT (Source: CoinMarketCap)

Looking at the daily chart for ADA/USDT, the price of ADA has entered into a small upwards move over the last 4 days. It is now being met with some bearish pressure at $0.3734 as some sell volume entered the ADA chart.

Should ADA’s price successfully challenge the current resistance level, it has some room to breathe as the next resistance level is only at $0.4219, which will be a 13% gain from the current level for the altcoin.

Thereafter, the next target for ADA will be $0.4675. This will be a further need a 10% gain for ADA investors and traders.

In related news, some in the crypto space believe that ADA will eventually flip Ethereum (ETH) as the largest altcoin by market cap since the technical roadmap for the full rollout of ETH 2.0 is approximately 3-5 years long and ADA’s Vasil upgrade is already fully implemented.

Speaking of Ethereum, ETH’s price has risen to $1,334.84 following a 24-hour gain of 2.12, thus outperforming ADA over the last 24 hours.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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