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Cardano (ADA) Could Break Above $0.5 Very Soon, Here’s Why

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Cardano (ADA) is one of the cryptocurrencies that is still holding quite well despite the current crypto market climate. The digital asset has seen an incredible run since 2023 started and has not let up since then. As ADA continues to trend in the green, bullish indicators are piling up for the cryptocurrency, suggesting that its run is far from over.

The Last Piece Of The Cardano Puzzle Is Here

One thing that has always been associated with Cardano is the constant development that has been going on with the blockchain. Now, the network has been the butt of many jokes in the crypto industry with some calling it a ‘ghost chain’ or a ‘zombie chain’ but that has not deterred its development team from keeping up with its roadmap.

The next stage in Cardano’s roadmap which is the Voltaire upgrade is scheduled to take place later this year. Now, with Voltaire, Cardano plans to become a fully decentralized blockchain. This means that, unlike other proof of stake networks, the blockchain will no longer be dependent on Input Output Global (IOG), the developer behind Cardano.

The roadmap describes the ‘Age Of Voltaire’ as “the final pieces required for the Cardano network to become a self-sustaining system.” With Voltaire will come governance for the network, meaning that ADA holders will now be able to vote on proposals, as well as a treasury system that will be implemented.

Developers of the network plan to put Cardano’s future in the hands of the community. This way, stakers will vote on important developments, effectively driving and controlling the future of the blockchain.

ADA stuck in a tug-of-war for the $0.4 level | Source: ADAUSD on TradingView.com

Why ADA Could Continue To Rally

Over the years, whenever there was a new development for Cardano, the price of ADA has always rallied. In the case of the Alonzo Upgrade which brought smart contracts capabilities to the blockchain, the price of ADA had risen to a new all-time high of $3.10.

Given this, the expectation is that ADA is going to rise as the upgrade draws closer, which has been the case so far. The coin is now battling bears at the $0.4 level, making this the important resistance to beat. If the bulls succeed, then ADA is primed for a rally toward $0.5. However, if the digital asset were to fall below $0.35 once more, it would be devastating for it as it would trigger a quick descent back to $0.3.

ADA is currently moving against the crypto bear trend with 3.46% gains in the last 24 hours that have brought its price to $0.4. Its trading volume is also up significantly, rising 59% to approximately $450 million in one day.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com

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