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The Cardano price is in a tight range as the tumultuous month comes to an end. ADA is trading at $1.6078, which is 20% above the lowest level yesterday. The currency has jumped by 15% in the past seven days, outperforming other cryptocurrencies like Ethereum, Binance Coin, and Polkadot.
What happened: Cardano has continued to see inflows in the past few weeks because of its proof-of-stake technology. As you recall, the price of Bitcoin dropped sharply in May after Elon Musk complained about the amount of energy used to produce the coins.
As this happened, attention turned to Cardano, which is a highly scalable network that uses proof-of-stake technology that is usually more reliable and one that does not use a lot of power to produce. Indeed, ADA price rose to its all-time high during that sell-off. So, what next for the Cardano price?
Cardano price forecast
The four-hour chart shows that the ADA price has bounced back after it declined sharply during the weekend. A closer look at the four-hour chart shows that it is forming what looks like an inverted head and shoulders pattern. This is usually a bullish signal. The price is also at the same level as the 25-day and 50-day exponential moving averages (EMA).
Therefore, like I wrote in a previous Cardano price prediction, I am cautiously optimistic that the price will bounce back as investors target the neckline of the head and shoulders at $1.8352. However, a drop below $1.3387 will invalidate this prediction.
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ADA price chart
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