- 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.
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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).
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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