Cardano is among the few cryptocurrencies that are seeing a positive recovery in the month of June. Despite being down by 2 per cent for the month, the cryptocurrency is outperforming other cryptocurrencies, which are down by more than 10 per cent.
Cardano’s price is up by almost a percentage point in today’s trading session. The rise in price extends the past three consecutive trading sessions. Despite today’s lack of momentum in the markets, Cardano is also looking likely to close at a higher price.
Cardano Fundamental Analysis
On June 29, Cardano will release its Vasil hard fork, which many people are anticipating to be a make or break for Cardano. According to the platform, the hard fork will improve the Cardano platform as well as its current smart contract functionalities by pipelining to improve block diffusion. The platform will also become more scalable. The hard fork will also significantly improve the Plutus smart contract language for dApp developers.
It will also be able to reduce the latency of the block transmission. The launch of the hard fork is expected to affect Cardano prices in the markets. There is a high likelihood that we will see a Cardano price revival if everything goes to plan. We are also likely to see a trend reversal from the long-term bear market that has lasted for months.
Cardano price technical analysis
Today’s trading session has Cardano up by almost a percentage point. The trading session is also looking likely to continue with the bullish trend. Using the chart below, my Cardano price analysis expects the prices to continue with its upward trajectory. One reason for my bullish analysis is the recent price action where, since setting a new recent price low of $0.039 on May 12, the prices have been bullish.
The current price action also shows prices are aggressively bullish. The Williams Alligator, for instance, is already indicating a trend reversal to the upside. However, if the prices fall below the $55 price level, my bullish analysis will be invalidated. It will also signal a possible downward move.