Cardano (ADA) has bounced off the support at $0.09 and now shows early signs of probable upswing that might allow the uptrend to continue. However, the strong possibility remains that the ongoing bullish recovery could be a part of the consolidation setup.
Is ADA getting back on the bullish track?
ADA has been one of the superstars of the post-coronavirus crash period as it had put up a practically uninterrupted bull rally that lasted for 133 days and took the price of the altcoin 828% to the upside. Such a meteoric rise happened largely due to the recent launch of the decentralized network dubbed Shelley, a fork of a more centralized one called Byron, accompanied by the transition to the Ouroboros consensus algorithm, based on the Proof-of-Stake protocol.
ADA’s historical chart