Cardano May Be the Dark Horse of Current Relief Rally

Cardano May Be the Dark Horse of Current Relief Rally
  • Cardano may enjoy a huge gain during the current relief rally.
  • ADA has shown a Three Rising Valleys pattern, while Vasil hard fork has been rescheduled to the end of July.
  • At the time of writing, ADA is trading at $0.50.

There may be a reason to believe that the crypto market is in a relief rally, as major cryptocurrencies are witnessing significant gains. This is despite the global market suffering from various socio-economic and political events.

Bitcoin and Ethereum recently hit virtually impossible prices a couple of weeks ago. However, today, BTC price is at $23,554.53, while ETH is changing hands at $1,533.75 at the time of writing. These are weekly gains of 21.7% and 48.9%, respectively.

However, the dark horse of the ongoing relief rally may be Cardano (ADA).

ADA/USDT 4-hr chart (source: TradingView)

As seen on the chart above, ADA has formed the Three Rising Valleys, a bullish pattern. In fact, after identifying the third valley, ADA has already made its surge from over $0.45 up to almost $0.55 — a whopping price surge of $0.1.

Another reason why ADA may enjoy a huge gain similar to Ethereum is that Cardano will undergo its much-anticipated Vasil hard fork. According to Charles Hoskinson, the new tentative date for Vasil is the end of July.

However, ADA is in a price correction after hitting an indecisive market at around $0.55. Nonetheless, ADA has already gained up to 20.9% in the last 7 days. At the time of writing, ADA is changing hands at $0.50, according to CoinGeko.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.